Denver ranks 9th most expensive metro for renters

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.