DENVER (KDVR) — Renters in Denver may have some relief in the future, as prices are trending down in 2024, according to Apartment List.
“We expect the rental market to be quite soft in 2024,” said Rob Warnock, senior research associate at Apartment List. He said: “Prices may go up, but they shouldn't be like the double-digit rent increases that people experienced in 2021.”
Rent prices in Denver fell 0.5% in January, compared to a 0.3% decline nationally, according to research from Apartment List. Rent has also fallen by 1% compared to a year ago. Currently, the median rent in Denver is $1,531 for a one-bedroom unit and $1,907 for a two-bedroom unit.
“In fact, rent growth is now negative, which means prices are a little lower than they were a year ago, which is a welcome relief for renters,” Warnock said.
Warnock said rental prices in Denver have increased by 9.6% since the pandemic began in March 2020. With a huge increase in supply, that price is tapering off. The number of vacant apartments in Denver is close to 8%.
“This is actually close to what it was like before the pandemic, so we're kind of back to a situation where there's a similar level of vacancy in the rental market, so rent growth has slowed considerably,” Warnock said. Told. .
Rent prices may increase slightly in the spring and summer, but due to availability, costs will not skyrocket. Apartment List said this gives renters the opportunity to negotiate price, concessions and other benefits before signing a rental agreement.
