DENVER (KDVR) — If you’re renting in Colorado’s biggest metro area, you’re financially better off looking for apartments away from the capital city.
Denver’s famed expense isn’t the metro area’s highest, but it’s close enough to make little difference according to a new report from rental site Zumper. Denver has the metro area’s second-highest median rent for a 1-bedroom apartment, $1,770 a month.
Colorado’s capital is among the nation’s most expensive, according to a RentCafe report. In Denver, a $1,500 rent budget can afford about 646 square feet. This is the 75th smallest rental size for the price in the U.S. among 100 cities, about equal to Austin or Philadelphia.
Denver has city amenities and proximity to work, but cities with more rural atmospheres and better mountain views can command higher prices. Castle Rock and Golden are tied for the area’s highest median rent with $1,800 per month in each.
By contrast, living in Greeley costs over 50% less than in Denver, with a median rent of $1,060. In the immediate metro area, Aurora rent costs $1,360 and Wheat Ridge $1,380.
Renters appear to be migrating to cities with lower rents. Rents are rising faster in some of the less expensive cities in the Denver metro. In one year, Loveland’s median rent rose 33.3%. Fort Collins’ rose by 16.7% and Englewood by 18.6%.