Inflation is currently at its highest rate in 40 years, and rapidly rising housing costs are a key contributor. While the market has cooled slightly from last summer’s peaks, the national median rent has still jumped by 12 percent in the past year. And with spiking mortgage rates now sidelining potentially homebuyers, the coming months could bring additional competition for rentals amid a market that is already historically supply-constrained.
The August Rent Report is below, complete with median rent and price growth data through July 2022:
- Rents in Denver increased 0.8 percent month-over month in June, compared to a 1.3 percent increase nationally. Month-over-month growth in Denver ranks #64 among the nation’s 100 largest cities.
- Year-over-year rent growth in Denver currently stands at 8.8 percent, compared to 10.3 percent at this time last year. Year-over-year growth in Denver ranks #71 among the nation’s 100 largest cities. Rents in Denver are up by 16.1 percent since the start of the pandemic in March 2020.
- Median rents in Denver currently stand at $1443 for a 1-bedroom apartment and $1785 for a two-bedroom.
You can check out the full report (https://www.apartmentlist.com/co/denver#rent-report), and for a complete look at national trends visit https://www.apartmentlist.com/research/national-rent-data.
