Since 2010, metro Denver went from one of the most affordable rental markets in the nation to one of the most expensive. RealPage data show that the metro's rent price appreciation is the fourth fastest in the U.S. during that period.
The median rent price in metro Denver was $805 in the first quarter of 2010. By the fourth quarter of 2018, the median rent grew 82 percent to $1,462. Rent price appreciation has been strongest in the metro's suburbs, rather than its urban core, and neighborhoods with more new construction projects. Greg Willett, chief economist at RealPage, tells The Denver Post, “There’s a strong relationship between rent growth and construction activity, since delivery of new supply tends to dampen the ability to raise pricing."
Only San Jose, Oakland and San Francisco in northern California have seen their rents rise faster than metro Denver, which now ranks as the 17th most expensive out of the 50 largest apartment markets in the country.
Does metro Denver face added risks now that it has become one of the more expensive cities in the country outside the two coasts?
