What Is the Average Rent in Denver Colorado?

Denver, Colorado, presents a dynamic rental market. Understanding the nuances of rent in this evolving urban environment requires looking beyond a single number, as costs can fluctuate based on property type, location, and broader market influences. Prospective renters and current residents benefit from understanding what to expect in the city’s housing landscape.

Current Average Rent Overview

The overall average rent in Denver, Colorado, currently stands at approximately $1,668 per month. This figure represents a general market average compiled from various data sources. While this average offers a baseline understanding, actual rental prices can vary considerably. Denver’s average rent is slightly higher than the national average, reflecting its status as a desirable urban center.

Rent by Property Type

Rental costs in Denver vary significantly depending on the size and type of property. For a studio apartment, renters can expect to pay around $1,445 per month. A one-bedroom apartment typically averages about $1,668 per month, while a two-bedroom unit commands approximately $2,176. Three-bedroom apartments generally rent for $2,862 or more.

Rent Across Denver Neighborhoods

Rent prices demonstrate notable differences across Denver’s diverse neighborhoods, with location being a primary determinant of cost. Affordability can be found in areas like Athmar Park, where average rents are around $1,185 per month, or Mar Lee, averaging $1,258. Conversely, more expensive neighborhoods include Cherry Creek, with average rents exceeding $3,100, and LoDo, where costs can reach approximately $2,484. This variation highlights how proximity to amenities, employment centers, and desirability influence housing expenses.

Key Factors Influencing Rent

Several broader factors contribute to the dynamics of Denver’s rental market. Strong job market growth, particularly in sectors like technology and healthcare, attracts new residents, increasing demand for housing. This population influx, coupled with the pace of new housing construction, directly impacts supply and demand balances. New apartment units have been added, leading to some stabilization and increased vacancy rates, but overall demand remains robust. Additionally, interest rates can indirectly affect the rental market by influencing homeownership affordability, pushing some potential buyers into the rental pool.

Interpreting Rent Data

Understanding rental data requires recognizing that “average” typically refers to the mean, which can be influenced by extremely high or low outliers. Some analyses may use the median, representing the middle point of all rents, which can provide a more representative figure by minimizing the effect of such extremes. These figures are derived from large datasets collected by rental listing platforms and real estate analytics firms. Renters should use these averages as a general guide, considering their specific budget, desired amenities, and preferred neighborhood when evaluating housing options.