What $2,000 in rent buys in Denver
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A monthly rent of $2,000 can get you a 923-square-foot apartment in Denver, smaller than most major cities and the national average of 1,103 square feet, per a new Redfin report.
Why it matters: The price tag is another indication of how expensive it is to live in the metro area.
The big picture: Nationally, renters with a $2,000 budget can afford 70 more square feet than they could in 2022, when rents peaked — enough for a small office, according to Redfin.
What they're saying: Brand-new apartments flooded the market over the past few years, helping slow rent hikes.
- "Renters are getting more bang for their buck than they were during the pandemic because asking rents have since stabilized below their record high and incomes have continued to climb," Redfin senior economist Sheharyar Bokhari wrote in the report.
Between the lines: The median asking rent, or the cost of a new lease, was $1,764 in Denver and $1,615 nationwide, per the 2024 report.
- Researchers analyzed apartments in buildings with five or more units listed on Redfin.com or Rent.com between last August and October.
Reality check: Many are pouring money into rent.
- Over a quarter of U.S. renters spend more than half of their income on housing, census data shows.
What we're watching: As people postpone home purchases, increased apartment demand and less apartment construction pave the way for higher rents.