Rent prices in Denver are down significantly: Zumper data

DENVER (KDVR) — Mountain region cities have seen a significant drop in rent costs over the last year, with prices in Denver down more than most.

According to a report released this week by rental website Zumper, rent prices in the Mile High City have gone down by 7.3% since September 2024.

Nationally, average rent prices have remained flat or declined across the country for three consecutive months. According to the report, which analyzes data for 100 large cities across the U.S., 71 cities recorded flat or falling rent prices for one-bedroom units.

Large cities like New York, San Francisco and Boston have the highest one-bedroom rent prices, per usual.

Meanwhile, cities in the mountain region, which includes Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming, have seen notable rent drops and have the second-highest inventory growth across the nation.

In the first quarter of the year, the region added nearly 77,000 new units, an inventory growth rate of more than 5%. Denver was among the top 10 markets in the nation for new supply with nearly 20,000 units hitting the market last year.

“This influx of inventory has given renters more options than in recent years, creating downward pressure on prices. If regular seasonal trends hold up, rent prices will likely continue to decline through at least the end of the year,” Zumper researcher Crystal Chen said in an email to FOX31.

Overall, Denver ranked as the No. 25 most expensive rental market on the list of 100 cities included in the report. Aurora ranked at No. 48, and Colorado Springs at No. 68.

• Denver
  • One-bedroom: $1,650
    • Down 1.8% month-over-month, down 7.3% year-over-year
  • Two-bedroom: $2,220
    • Down 0.9% month-over-month, down 6.7% year-over-year
• Aurora
  • One-bedroom: $1,300
    • Up 2.4% month-over-month, down 10.3% year-over-year
  • Two-bedroom: $1,770
    • Up 0.6% month-over-month, down 5.3% year-over-year
• Colorado Springs
  • One-bedroom: $1,120
    • Up 0.9% month-over-month, down 3.4% year-over-year
  • Two-bedroom: $1,480
    • Down 1.3% month-over-month, down 1.3% year-over-year

While Aurora and Colorado Springs both saw slight increases in rent prices since last month, they are down significantly compared to this time last year.

Cities where rent prices have dropped the most over the last year include Knoxville, Tennessee; Jersey City, New Jersey; New Haven, Connecticut; Norfolk, Virginia; and Des Moines, Iowa.