There is no question that Denver rent prices are insane.
Over the last 5 to 7 years, the demand to live in the Denver Metro area has increased dramatically, which has effected home values and rent prices. Although many millennials are actively trying to purchase a home in the Denver area, many of them are still renting. Popular Denver neighborhoods to rent in include Capitol Hill, RiNo (River North District) the Highlands, Cheesman Park, City Park, and many more.
Within the last quarter, two Denver neighborhoods have seen an increase in rent prices of 12%. Two other neighborhoods in Denver saw rent prices decrease more than 10% (note that these numbers are referring to one bedroom apartments in the Denver area). The Capitol Hill neighborhood jumped 12 percent to $1,275 for a one bedroom apartment. Rents in the Athmar Park neighborhood (which is between the South Platte River and Federal Boulevard) rose to $1,100 per month for a one bedroom apartment.
Although those neighborhoods have seen a decrease, rents on Denver’s northwest side have been falling. The Sunny Side neighborhood has scene a decrease of over 10% in the last quarter; their new median rent price being $1,175. Seeing a similar decrease, the Berkleley neighborhood’s median rent price has fallen to $1,200 for a one bedroom apartment.
Although very steep, none of these rent prices compare to Denver’s Central Business District neighborhood, where the median price for a one bedroom apartment is $2,000 a month. If Denver is chosen for Amazon’s new HQ2 headquarters, 50,000 new high paying jobs will be generated, and rent prices are expected to rise another 1.1% per year.
As Realtors who work all over the Denver Metro area and have sold homes in popular millennial neighborhoods, we understand the desire to live in Cap Hill, RiNo, The Highlands, etc. However, it is important to remember that every month you pay $1,200 dollars in rent, it goes towards paying for someone else’s home. If you were to purchase your own home in the Denver Metro area, depending on your financial situation, that same $1,200 could go towards your own mortgage payment and building equity.
If you are interested in starting the process of buying a home in the Metro Denver area,
give us a call at 303-668-9949 or CLICK THIS LINK to start the search for your Denver dream home.
Do you already own a home and are interested in selling? Own a condo in Denver and want to move up to something bigger? We can help. Our expert marketing techniques and extensive experience as Realtors gets your home sold for top dollar.
www.VindiolaGroup.com 303-668-9949 13659 E 104th Ave. #100 Commerce City, CO 80022