Rent prices across metro Denver continue to increase, according to the latest data from Apartment List.
Those rents increased 0.2% over the past month, with the median rent in Denver standing at $1,071 for a one-bedroom apartment and $1,356 for a two-bedroom unit. This marks the third straight month of rent increase for the city after a slight decline in November of last year.
Year-over-year, rents are up nearly 1%, according to the data. Denver’s median two-bedroom rent of $1,356 is above the national average of $1,194.
So, what does this all mean?
• These increases aren’t catastrophic by any means, which allows renters to better plan and save if they’re hoping to leap into homeownership.
• Rents in Downtown Denver and other desirable neighborhoods in the Mile High City are going to be higher than the metro area average.
• Still, at $1,356 per month for a two-bedroom apartment, these renters can typically pay just a little bit more in the form of a mortgage payment and build equity in a home or condo if they can scrape together 3% for a down payment ($5,000-$10,000).
• For investors, this is great news. Steadily increasing rents should give them confidence in their rental property. Combined with a tight supply on the housing market right now, investors have two solid options right now: sell or continue renting.
If you’re a renter looking to enter homeownership, a condo is a great first purchase. Our team of condo experts can help guide you through that experience.