DENVER (KDVR) — Denver’s rent simply will not stay down.
Rents have come down nationally from highs in 2022 following a sustained upward press in 2021 and 2022. According to the most recent Redfin market report, the national asking price for rent is down 0.4% from last March – the lowest it has been in 13 months and the first annual drop since March 2020.
In Denver, though, things look different. Not only does it have one of the higher rents in the country, but it is among the cities where rents have risen in the last year.
The median asking rent for homes of any kind in Denver was $2,797 per month, just behind Riverside, California and Miami. New York City has the nation’s highest asking rent – just over $4,000 – while Louisville, Kentucky has the lowest.
In contrast to the national average asking rent, Denver’s rent has risen in the last year. Since last March, Denver’s asking rent has gone up 7% – the nation’s ninth-highest yearly increase among the cities analyzed.
This is also in contrast to other large cities. In Austin, Texas, rent has fallen 11% in last year. Chicago’s rent fell 8%.