Rising Front Range rents are widespread and will keep climbing
The pandemic distorted both supply and demand, driving up costs for tenants
Apartment rents are rising rapidly across the northern Front Range, about triple the rate seen before the pandemic, with annual gains topping 20% in places like Parker and Colorado Springs.
While the pandemic provided some relief to renters last year, especially in denser urban markets like Denver, the discounts quickly evaporated, replaced by rent increases that are now higher than they would have been absent the outbreak.
“The places we have been seeing the fastest rent growth are the suburbs and the smaller cities surrounding Denver. Colorado Springs rents are up 22% since the start of the pandemic. That is one of the biggest increases we have seen anywhere,” said Chris Salviati, a senior housing economist with Apartment List, a leading apartment search engine.
For metro Denver as a whole, rents are up 14.4% year-over-year in August and they are up 12.8% since the pandemic arrived in March 2020, according to the Apartment List September Rent Report, which tracks the changes in the rents charged for the same apartments over time.
Midpoint or median rents were $1,429 for a one-bedroom apartment in metro Denver and $1,743 for a two-bedroom unit last month, per the report.