DENVER (KDVR) — According to Realtor.com, the median rent in the Denver metro area has increased 3.7% from May, but is not ranked in the top 10 highest for major U.S. cities.
As a nation, the median rent price soared to a new high of $1,575, an 8.1% increase year-over-year, according to the Realtor.com Monthly Rental Report released Thursday.
Forty-four of the 50 largest metro cities broke records with four locations soaring over 20% for median rental increase, the report said.
“The surge we’re seeing in rental prices is likely to exacerbate the K-shaped, or uneven, nature of the pandemic recovery in the U.S. Rents are rising at a faster pace than income, which is adding to the challenges faced by lower-income Americans as they struggle to recover from job losses and other hardships brought about by COVID,” Realtor.com Chief Economist Danielle Hale said. “Looking forward, rents aren’t expected to slow unless we see a fundamental shift in the number of homes for sale and for rent.”
Metro Denver rent prices have gone up 10.2% from last year, mostly due to historically low availability which is driving competition and raising rental prices.
The area topping the list in rental increase is Riverside, California with two other locations in the Golden State in the top 10. Check out the full list with the most recently monthly increase and yearly increase reported.