DENVER (KDVR) — A new report found it may be cheaper to rent in Denver than in most of its suburbs.

Rental site Apartment List released its November report on rent prices. Nationwide, analysts found rent prices fell for the third month in a row.

“This is the second-steepest October rent decline that we’ve seen in the history of our index,” which dates back to 2017, Apartment List analysts wrote.

In Denver proper, analysts found rent is an estimated 9% lower than across the metro area. Among the 17 cities analyzed, Denver ranked near the cheapest median price for a two-bedroom rental.

At $1,750, the median rent for a two-bedroom in Denver is nearly the same as in Lakewood and only slightly cheaper than in Englewood, according to the report. Renters in the southern suburbs of Lone Tree and Highlands Ranch will pay the most, with median rent surpassing $2,300.

Only three cities showed median rent prices cheaper than Denver: Aurora, Arvada and Wheat Ridge. Prospective tenants can find the best deal in Wheat Ridge at an estimated $1,482 a month.

Rent prices in Denver and surrounding cities

Apartment List said it determines monthly rent estimates by calculating U.S. Census Bureau data with the site’s rental listings. Here are the two-bedroom rent estimates for Denver and surrounding cities.

RankColorado CityMedian Rent, 2-Bedroom
1Lone Tree$2,367
2Highlands Ranch$2,338
7Castle Rock$2,012
17Wheat Ridge$1,482
Source: Apartment List Denver Rent Report, November 2023

While Denver may have cheaper rent than most of its neighbors, it’s still 17.2% higher than the national median, according to the report.

Rent prices in Denver rank 35 among the nation’s largest 100 cities. Apartment List found Denver’s rent prices are comparable to Austin, Texas, and St. Petersburg, Florida.

Topping the list — by far — were median rent prices in Irvine, California. The Orange County city saw a median rent price of $3,149.