Denver, with the 16th-highest median rental price for a one-bedroom apartment in the country, saw average rents decrease over the past month by 5%.
According to the San Francisco-based apartment search platform Zumper, the median rent in the Denver metro area now stands at $1,520, slightly less expensive than Long Beach, Calif., and slightly more expensive than Philadelphia. It still represents a 0.7% increase over this time last year.
San Francisco remained the most expensive jurisdiction, with a median price of $3,490 for a one-bedroom apartment, although that number represented a 2% decline over the prior year.
California, which is experiencing a housing shortage, had five cities in the list of top 10 most expensive one-bedroom rentals.
In a Denver-specific report last month, Zumper found that only Boulder had higher average rents than Denver, at $1,790 for a one-bedroom rental. Greeley was the cheapest, at $880 per month.
Lakewood, which adopted 1% growth on new housing after a special election in July, ranks slightly below the metro area’s median rent. Opponents of the measure predicted that affordable housing options for lower-income residents would suffer as a result. Golden, the other metro area city with a growth cap, was not evaluated in the Zumper report.
Colorado Springs ranked 53rd-highest nationally, at $1,000 for a one-bedroom rental — up 1% over the past month and up 9.9% over this time last year, the study found.
Overall rents in Colorado Springs have skyrocketed this year, setting records.
Colorado Springs renters paid an average $1,231.24 a month in the July-August-September period of this year, surpassing the record of $1,215.67 set during the second quarter, according to a report released on behalf of the Colorado Division of Housing and Apartment Association of Southern Colorado.