DENVER (KDVR) — What goes up must come down, even if not by much. Denver-area rent fell in December, capping two solid years of growth.
The Denver-Aurora-Lakewood area grew over the last decade to one of the nation’s most expensive metros for both the homeownership and rental markets. According to the most recent report from Rent.com, the median overall rent in the metro is $2,642, meaning a renting household would need to make between $110,000 to $120,000 to afford rent without being cost-burdened.
Despite the costs, however, Denver’s growth in 2022 doesn’t stack up to the newest rental hotspots such as Florida, the Southeast and the Midwest. Denver’s rent fell at one of the fastest rates among the 100 largest U.S. cities.
Denver’s rent fell 1.5% from November to December, the fourth straight month in which rent prices declined.
The drop in price, however, does not mean rent has come back to pre-pandemic levels. As of December, Denver’s rent was 14.1% higher than in 2019 – roughly $200 on average.
The last two years’ worth of price increases in major metros, particularly in the West, seems to have cooled and pushed renters elsewhere. Other rental company reports pinpoint the Southeast, Midwest and Northeastern suburbs as the country’s most competitive rental markets.
According to RentCafe’s year-end report, Florida’s Miami-Dade County was the most competitive large metro area in the U.S., with the highest rates of apartment occupancy, vacancy, renters per vacant unit, lease renewals and apartments under construction. Orlando is ranked third.
Denver is not on the list.