DENVER (KDVR) — Renters in Denver could see a little relief in the future, as prices are trending down in 2024, according to Apartment List.
“We’re expecting a fairly soft rental market in 2024,” said Rob Warnock, senior research associate at Apartment List. “Prices may go up but should be nothing like the double-digit rent increase people were experiencing in 2021.”
Colorado returned around $700 per person in unclaimed funds in 2023
According to research by Apartment List, rents in Denver fell 0.5% in January compared to a 0.3% decrease nationwide. Rent is also down 1% from where it was a year ago. Today, the median rent in Denver is $1,531 for a one-bedroom unit and $1,907 for a two-bedroom unit.
“We’ve actually got negative rent growth right now, meaning that prices are a little bit lower than they were a year ago, which is some nice kind of welcomed relief for renters out there,” Warnock said.
Warnock said Denver rent prices have gone up 9.6% since the start of the pandemic in March 2020. Those prices are starting to taper off because of strong supply growth. The number of vacant apartments in Denver stands at nearly 8%.