Rents remained mostly flat in the Denver area in November. And while the median cost of a two-bedroom apartment in the Mile High City remains well above the national average, the city’s rent growth has fallen off the national pace over the past 12 months, according to Apartment List.
In its most recent Denver Rent Report, Apartment List tracked a 0.1% decline in median rents for Denver proper from October to November. The median rate for a one-bedroom last month was $1,069 and a median two-bedroom was renting for $1,353 per month.
It’s the third straight month of declines after the peak summer rental season, and while a two-bedroom in Denver still rents for $162 more than the national average, year-over-year numbers show Denver’s rental market is cooling compared to the country and state at large.
Denver rents have risen 0.7% since November 2018. In Colorado as a whole, rents have risen 1.6% on average over that same period and nationally average rent has risen 1.4%, according to Apartment List. Denver’s rent increases are trailing the rate of inflation in the metro area, which the U.S. Bureau of Labor Statistics tracked at 2.7% year-over-year in October.
Thornton is the priciest city in the metro with a median two-bedroom going for $1,942 per month, up 3.3% from a year ago. In Brighton, median rents have fallen 4.8% since last November. A median two-bedroom there rents for $1,699, according to Apartment List’s research.