October 23, 2021

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taste in choosing a house

Denver apartment rent declines outpacing suburbs and condition all round

2 min read

Apartment rents in Denver are declining at a a great deal more rapidly clip than the rest of the metro region and the condition over-all, and the pandemic is probable why, in accordance to the October Rent Report from Apartment Record.

The median month to month hire on a two-bedroom condominium in Denver was $1,560, down .8% from September and 5.2% from a year in the past. Aurora apartment rents, by distinction, are up .7% above the previous yr, according to the report.

Hire progress is softening across other metro markets, but not at the tempo noticed in Denver. The median hire on a two-bed room condominium in Broomfield was down 2.1% 12 months-about-year to $1,970, whilst Lone Tree rents had been down 1.3% to $2,050,  Arvada rents dropped 1.2% to $1,420, and Englewood rents fell .8% to $1,580.

In addition to Aurora, annual lease boosts are even now at perform in Thornton, up 1.7% Parker, up 1.5% Westminster, up 1% and  Littleton, up .3%.

“We’re getting that central towns are observing significantly steeper declines than their suburban counterparts all across the place,” reported Igor Popov, chief economist with Apartment Checklist.

San Francisco apartment rents are down 21.7% considering that the pandemic started in March and New York rents are off 15.3%. Other core towns with double-digit declines in median rents include Seattle Boston San Jose, Calif., and Washington, D.C.

Condominium rents are climbing at the fastest tempo in Boise, Idaho Toledo, Ohio Chesapeake, Va. Greensboro, N.C., and Reno, Nev.

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