Rental Rates in Denver Decrease by 8%

Introduction

Colorado's capitol city is home to 682,545 people. We took a look at rents in 10 of the most popular Denver neighborhoods: LoDo, Capitol Hill, Cherry Creek, Five Points, Country Club, Highland, Uptown, RiNo, Washington Park, and Cheesman Park.

Summary

Currently, the average rent ranged from $1,832 to $2,733 for a 2 bedroom. The overall average was $2,096.

The highest rents are reported in LoDo, Capitol Hill, and Cherry Creek. LoDo rents are around $2,733 per month for a 2-bedroom, and the Capitol Hill area has an average of $2,620 per month. Cherry Creek reported an average rent of $2,272 per month.

The most affordable neighborhood was Cheesman Park at $1,832 per month, while Washington Park and RiNo followed close behind with rents at $1,877 and $1,882 respectively. 

Analysis

Comparing current rent rates to rent rates report by Rentometer in October, the average rent has decreased by 8%. The biggest changes occurred for rent amounts in Capitol Hill, Cherry Creek, LoDo, and Highland.

Capitol Hill saw the greatest increase since October, with average rents increasing by about 38%, from $1,893 in October to $2,620 now. Rent in Cherry Creek decreased by 24%, while rent in LoDo and Highland decreased by 19% and 22% respectively.

Rents in RiNo have seen a 16% decrease over  the last 3 months, Washington Park has seen an increase of 7%, and Uptown has seen a decrease of 6%

Cheesman Park and Country Club saw the least amount of change, with Cheesman Park decreasing by 3% and Country Club decreasing by just 1.4%.