DENVER -- Data analysts are predicting rent prices in Denver will stabilize in 2017. It would be welcome news for renters who have been burdened with high payments.
Andrew Woo is a data scientist at Apartment List, which crunches numbers and analyzes prices in rental markets across the country.
"Overall I think the picture is good. Rents are starting to come down," Woo said.
The average price of a two-bedroom apartment in Denver is $1,760 a month, while a one-bedroom apartment averages $1,350. Woo said the average price for a two-bedroom has gone up $500 since the beginning of 2014.
"We have seen rent increase by close to $500 in just the most recent three years, which is why renters are feeling so much pain. The good news is those prices are starting to stabilize a little bit," Woo said.
While rent prices will increase in 2017, Woo and his team predict prices will go up 2 percent to 4 percent, compared to recent years where rent increased 6 percent to 8 percent.
Woo said rent for luxury apartments will stabilize first, then the rest of the market will follow.
According to data, Washington Park is the most expensive neighborhood to live in Denver for renters, with one bedrooms averaging $1,520 and two bedrooms averaging $2,070.
The second most expensive neighborhood is Five Points. Speer takes third, with an average one bedroom costing $1,270 and a two bedroom going for $1,880.
The least expensive Denver neighborhood is Hampden, with one-bedroom apartments costing $1,060 and two-bedroom apartments costing $1,350.
Virginia Village is the second most affordable Denver neighborhood with $1,350 for two bedrooms and $1,110 for one bedrooms. Coming in third is Windsor, with an average for $1,380 for a two bedroom and $1,120 for one bedrooms.AlertMe