Sep 26, 2022 - News

Denver ranks 9th most expensive metro for renters

Metro areas with the highest median rent in August 2022
Data: Dwellsy; Chart: Axios Visuals/Axios

Denver is among the most expensive cities in the country for renters, per the latest report from rental company Dwellsy.

Why it matters: Already expensive rents have grown pricier in 2022, making it tougher for people to afford housing.

What's happening: Many would-be buyers are stuck renting as surging mortgage rates make buying unattainable.

  • High demand and critically low supply drive up rents.
  • Once landlords realize they can charge more for a unit, "they're going to keep increasing the price to capture as much profit as they can," Redfin chief economist Daryl Fairweather told Axios' Emily Peck.

By the numbers: The Mile High City's median asking rent among the thousands of Denver-area listings posted through Dwellsy totaled $2,550 last month, a 45.7% spike from August 2021, the report showed.

  • Denver is the ninth most expensive metro in the country.

Driving the news: Demand for single-family home rentals is driving the market, per Dwellsy's August report.

  • Rent for those homes is up more than 36% year over year, while apartment rent only rose 4.7%.

Yes, but: Rents could finally be peaking.

  • Realtor.com's latest report shows August median rental prices nationwide were down from July, the first decrease since November 2021, Peck writes.

Editor's note: This story was corrected to clarify that the median rent data was based on active listings from Dwellsy, not all rental units.

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