Downtown Denver, CO, is Trending Downwards
When the average rent in Denver is brought up in casual conversation, you will likely hear people snarling, booing, and even cursing about how it has personally affected their lives and ability to live in the city.
If you hope to get into any popular neighborhood across the metro area, several factors feed into your rental rates.
Still, prices often deter people from moving in and even cause people to move out of their apartments and houses.
To Residents & Locals Delight
But lately, residents in Downtown Denver and other Colorado areas have seen the average rent pricing decrease!
Movers in Denver, Colorado, have also seen the effects of a rapidly growing market as fewer people began to move within the state and across the country.
The average apartment rent price in Denver, CO, has relentlessly surged in the past decade as the state also experienced a massive influx of new residents and demand for housing.
The Several Factors Contributing to Rent Prices in the Immediate Future
Rent in Denver, CO, is determined by many factors, and as the population grew, so did the demand for reliable apartments and even home rentals.
Location is everything in Denver; specific neighborhoods saw things ballooning more than others.
Still, in the last month, something peculiar has happened – as many residents were determined to resign their leases, some saw the rent prices drop from the previous year.
Don’t call up your local moving company yet because people are still curious about what will happen to rent prices in Denver in 2024 and the years to come.
Evaluating Median Rent Across the Mile High City
While no one person can explicitly predict the future for the average rent in Denver and different neighborhoods, people living in the city and surrounding suburbs have quickly noticed a shift in the West.
The average rent in Denver, Colorado Springs, and other major cities in Colorado saw a price drop between October and November last month.
Local movers have suddenly seen more business due to a drastic shift in supply and demand for apartments in Colorado.
Will Coloradans Have Easy Access to New Neighborhoods in 2024?
The unit type plays into this, and more and more people throughout Denver, CO, do not need the short-term rentals that you see posted on places like Airbnb.
There are mega constructions to be uncovered, some of which are in the most popular neighborhoods of the Mile High City, and multi-family inventory, AKA two bedrooms and three bedrooms with larger unit size, are popping up everywhere throughout Denver.
This has placed residents in an unfamiliar situation, and we have finally reached a moment where we can breathe deeper; hiring Denver moving companies is a bit easier because rent should become more affordable!
All of these components have been pushing the median rent in the opposite direction it has been going, and when you discover more affordable housing options, Denver, CO, may see renters moving around more frequently to snag a better price!
Looking Through the Lens of Denver Neighborhoods
Everyone throughout Denver, CO, has been waiting for the coin to drop because certain downtown areas have invisible gates up to the public.
The locals have been forced to succumb to some regions of Denver throughout the city and further West because of the previously climbing rent prices.
Some even opted to bring on cross-country movers and head out of state.
Breaking Down Barriers In Colorado
It doesn’t seem that this will pose a barrier for too much longer because once the average rent in Denver decreases, so do the boundaries dissolve between different communities.
- Rent in Denver, CO, has decreased by 1% in the past month at an average rate of about $40 per unit.
- Rent in Colorado Springs has actually reduced by almost 5% since the start of 2023.
The Most Expensive Neighborhoods in Denver, CO
The average rent in Denver, CO, was previously inflating at such a rapid rate the rent prices became a barrier for specific communities – including the most expensive options.
Local moving companies also suffered from the decrease in migration, and some families were forced to downsize into one-bedroom and even studio apartments due to the average rent price.
Let’s take a closer look at how the average rent will decrease across various neighborhoods in Denver!
South University Boulevard rental Rates
The University neighborhood has been aptly named a sister neighborhood to Washington Park and the home of DU.
You are not living in the middle of downtown, but you will still have access to fantastic cafes, restaurants, shopping, outdoor areas, and quick access to the light rail.
While many of the people in the area are students, it is considered a fabulous neighborhood in Denver to raise your family.
- Over half of the people in this neighborhood are renters versus homeowners.
- The average rent is about $1,200 to $1,500 for a studio or one-bedroom apartment.
- In the past month, rental rates in the neighborhood for a studio apartment have decreased by almost 6%, and one-bedrooms have fallen by about 13%!
South Park Hill Average Rent Cost
Park Hill is close to City Park and pushes North towards the outskirts of Denver.
The neighborhood is within walking distance of the Nature and Science Museum, the Denver Zoo, grocery stores, restaurants, and many other amenities!
It was initially not so popular, but its affordability brought people in, driving up pricing exponentially – until more recently…
- More people own homes in this neighborhood than rent, but since the beginning of 2023, rental rates have decreased by almost 12%!
- The current rent pricing for a one-bedroom apartment is about $1,325, and for a two-bedroom unit size, it is approximately $1,800.
LoDo, AKA Confluence Park Rental Rates Downtown
The Confluence neighborhood is on the edge of Cherry Creek and stretches out towards the South Platte River and Union Station.
Curtis Park, RiNo, and Five Points are all nearby, with a simple commute into the heart of Denver without the need for a vehicle, fun things to do outside, and great restaurants to enjoy!
- The typical price of a studio or one-bedroom apartment can range from $1,500 to $2,200.
- The standard rent for a two-bedroom property is about $3,200.
- If the rent continues to decrease across Denver at its current rate, rental rates for a studio or one-bedroom can range from $1,410 to $2,069 in six months.
The numbers don’t lie, and now is the time to begin researching high-quality moving services nearby to find your next dream apartment!
Washington Park Is a Prime Location in the City
Washington Park is also a neighbor to the Cherry Creek neighborhood and remains one of the more affluent areas in Denver.
Homes and apartments located along and around Wash Park are part of a quiet, tight-knit community that provides easy access to downtown.
It is one of the outliers on the list of neighborhoods in Denver because rent prices have fluctuated over time and are not currently trending downward, proving that location matters!
- The median rent in Washington Park is about $1,975, but few places are up for rent compared to City Park or Capitol Hill.
- The typical price of a one-bedroom apartment has increased by nearly 7% over the past month.
- The price of a two-bedroom apartment has increased even further, by almost 15% from the previous month.
Lincoln Park & Santa Fe Art District Housing Units
Lincoln Park is located right off I-25 within the arts district of Santa Fe.
A vibrant neighborhood, Lincoln Park offers exposure to many different cultures, art galleries, tattoo shops, bars, and restaurants, which makes local moving projects much more fun!
- The median rent in Lincoln Park is approximately $1,800.
- However, that average increased to $1,900 for a one-bedroom in December, making the Lincoln Park neighborhood another problem in Denver.
- Three-bedroom units have remained the same this month after a swift rise from July to December 2023.
The Most Affordable Neighborhoods in the Denver Metropolitan Area
Regarding the average rent in Denver – these apartments and homes are top-rated locations within the city, as they offer reasonable rates and unique communities.
If you are interested in checking out new communities in Denver, CO, securing a reasonable moving and storage company is your first step to a successful relocation process, but rifling through your options is also essential before plans are finalized.
Civic Center Park Apartment Rent Prices
Located within the Golden Triangle neighborhood, the Civic Center area is smack dab in the middle of everything! You can walk to Capitol Hill, 16th Street Mall, Auraria campus, etc.
- Compared to the average rent for Denver, CO, Civic Center Park is considered one of the more affordable neighborhoods.
- The current prices of a one-bedroom apartment can range from $900 to $1,550.
- If rent continues to decrease at the rate of 1%, then in the next six months, the average rent in the neighborhood will drop from $846 to $1,457.
Capitol Hill Area Pricing
The Capitol Hill area of Denver is a very trendy place to live.
It is close to the Denver Art Museum, the capitol building, light rail, shopping, places to eat, and historic buildings.
- Over 75% of people living in the Capitol Hill neighborhood are renters.
- Rent prices have decreased by about 9% this year and 1-3% since last month!
- The current rent price for a studio is about $1,100, and a one-bedroom is $1,300.
Sloans Lake Apartments
Sloans Lake is the largest lake in Denver, and the community is located on the city’s Northwest edge.
It was once considered an up-and-coming neighborhood, but its affordable rates for a living have drawn many people in, and in the past five years, many secured cheap moving companies and took their chances to remain ahead of the curve.
- Sloans Lake has seen about a 2% decrease in rental rates since the start of 2023.
- The typical pricing of a one-bedroom is about $1,220, and a two-bedroom is $2,350.
- While these rates will fluctuate throughout the year, if prices continue to trend down, you may snag a one-bedroom apartment for $1,075 in six months!
Five Points Average Rent
Five Points is another historic community within Denver, but it has seen many changes.
Most recently, it has seen a ton of expansion, gentrification, and continued development to the point that it is unrecognizable to many natives.
- Nearly 68% of people within the Five Points community are renters.
- The median rent comes to $1,900.00, and prices for one-bedroom apartments have decreased by 1% in the past month.
- In six months, a one-bedroom could be as little as $1,785!
Supply and Demand are Dictating House and Apartment Rent Prices in Denver and Across the Country
Getting an apartment in Denver used to be a very competitive process for tenants, but it seems like the tables are beginning to turn now, even in the most expensive areas.
The population isn’t experiencing a sudden burst as it did in previous years, and the people of Denver, CO, just aren’t demanding rental opportunities as much as we have seen.
Demand is Slowing in Downtown Denver and Throughout Colorado
While it is always a good feeling to have the ability to hire professional movers and move into your new studio unit or two-bedroom apartment – the median rent became too much to bear, and coupled with all other living expenses, that average rent cost forced many Denverites to seek other opportunities and alternative modes of living within Denver, CO.
This is seen in many cities across America following the pandemic, but in Denver, CO, landlords and property investors have put so much into developing new buildings and communities – which has caused a massive supply when there is not much demand.
Stunning Views Isn’t Enough Anymore
When there is an overwhelming supply of apartments, the average rent for any size bedroom apartment will be reduced.
This means tenants will be reviewing more than just rent in Denver, CO, but also what the apartments offer, how close they are to where they want to be downtown, and proximity to restaurants, shops, parks, and other general necessities.
Even though tenants are taking the power back, locating top-rated movers is still necessary if you are considering a local move in the near future.
Can Denverites Thank the Pandemic for Changes in Average Rent?
The pandemic has directly affected the marketplace for renters, homeowners, and moving companies, and we will continue to see ripple effects.
The pandemic seemed to bring a mass exodus from other states into Colorado, which caused many construction companies to begin the process of building and creating new infrastructure, so it is difficult to say that it has nothing to do with the current decrease in rental rates.
Popular Neighborhoods and Location Makes a Difference for Rent in Denver, CO
Whether you are looking to move into an expensive neighborhood like Cherry Creek or looking for something more affordable like Sloans Lake – the location of properties within the City of Denver will always be projected onto rental rates.
This is because some areas are more desirable than others, and just as movers cost will fluctuate, so will the cost of rent and housing.
While this ebbs and flows, certain things will remain constant – like having views of the West and Rocky Mountains, being close to parks and open spaces, a wide selection of shops and restaurants, etc.
Unit Size Will Affect Your Average Rent Rates As Well
The average rent in Denver, CO, depends on the apartment’s size.
If you are enlisting assistance from movers and packers to move into two bedrooms, you can expect a higher average rent than simply seeking out a studio apartment.
The number of bedroom apartments will primarily affect the price you see, and there is no way around this in the Denver metro area and surrounding cities.
Does Living in a Suburb of Denver Change the Average Rent?
When moving to Denver, it is always a good idea to check out the surrounding suburbs because some offer lower rental opportunities than you will experience.
Housing Units are Seeing Major Changes in Median Rent Rates, Too
The same is seen for those who could refinance during COVID-19, gaining incredibly low interest rates, and with people who currently own short-term rentals.
The Rocky Mountains and Real Estate Investors
- The demand for short-term renting is low. Denver, CO, has imposed strict regulations around it, so these property owners are converting the housing into long-term rental options at a lower average rent price.
- Many who gained low-interest rates on their mortgage during the nationwide shutdown have chosen to rent those properties out instead of moving and selling – because there are not many homes on the market in the first place.
This may sound like a good time to gain moving estimates from various companies across Denver, CO, and to shop around and stick it out – to see how the average rent will begin to change in the upcoming year.
Is Now a Good Time to Move To Denver, CO?
With rental rates becoming more affordable, it may be the right time to call upon professional packers and movers to assist in your relocation project.
However, if you are willing to be patient, you may be able to find even more reasonable rental properties later in the year!
New Construction and Development of Several Giant Apartment Complexes Has a Hand in Declining Average Rent Prices
New construction apartments are a big part of why the average rent rates are projected to dip.
Developers have gone into all parts of the city due to the mass influx of people and rushed to begin new projects, which are still ongoing.
The problem is that people aren’t hiring moving and storage companies and heading into Denver like they once were.
More Apartments Will Continue Popping Up in the Most Popular Neighborhoods
People aren’t actively looking for an apartment in Denver and securing furniture movers as they were only a year prior.
All sorts of significant investments have been made to increase the infrastructure and fix the housing shortage.
Still, no one is hiring movers to move in!
What are the Most trendy areas in DENVER, colorado?
- Washington Park
- Baker District
- Cap Hill
- City Park
- Cherry Creek
- The Golden Triangle
If you are looking for high-quality moving tips, check out what Denver Moving Group says about moving to Denver, CO!
Expect the Top Neighborhoods to Step Up Their Game from the Previous Year
There is nothing quite like having to budget in Denver, CO, because the average person will soon discover how much money they have going into groceries, eating out, clothing, and other general necessities.
To even think about having to navigate moving company cost may feel overwhelming.
Still, many options are popping up across Five Points, Congress Park, LoHi, and other parts of Denver.
Amenities Will Influence Renters Decisions on New Houses and Apartments in the Centennial State
Because the average rent price in Denver, CO, is projected to decrease in the coming years – those renting out properties must ensure that they are marketing correctly and placing their best foot forward.
This means your average apartment in Denver, CO, can no longer just be posted online and rented out the next day; landlords will need to put some work into the property, and luxury apartments will be even more luxurious.
People simply aren’t moving into Denver, CO apartment just because they need a place to live – they will be looking for something modern, something clean, and management that takes care of their tenants.
Public transportation, restaurants, shops, parks – and all the things locals love will become expansive components of the decision-making process.
Moving Into Your New Apartment in Denver, CO
If the average rent continues to decrease, how will this affect your family?
There are so many questions at bay, and if you are considering making a move while the market is leaning in your favor, then it is time to bring on a crew of movers and packing experts you can trust to get the job done.
What is the Most Densely Populated Neighborhood in Denver?
Cap Hill is currently the most densely populated place in Denver!
With over 23,300 people per square mile and possibly more on their way.
With the Average Rent in Denver on the Decline, Renters Will See Better Options Available
Citizens in Denver, CO, are not the only ones who should expect these changes in 2024 – many other cities are on the same trend.
With the average rent in Denver, CO, declining, Denver movers are stepping up to ensure clients have a comfortable moving experience.
Discovering the Best Neighborhoods in the City of Denver, CO
Before you begin with moving services, you need to evaluate the numbers and options in terms of space and size.
While communities are on both sides of the scale throughout the Mile High City, each with its own personality, not all are the perfect fit for every family.
Taking a chance on how you interact with the world around you and getting to know these communities will give you a better idea of the right one for you!
Ready to bring on packing and moving companies? Be sure to do your research before making the hire!
Taking Back the Rental Rates in Colorado
Discover a stress-free relocation project with the licensed experts at Denver Moving Group!
Our moving and relocation specialists offer free moving quotes in-home, over-the-phone, or virtually on all local, long-distance, and cross-country moving projects.
Contact Local Relocation Experts for Your Move in 2024
With so much change on the horizon, don’t allow the anxiety of relocating to get the best of you.
Instead, contact licensed movers with Denver Moving Group for a well-rounded relocation process and seamless entrance into your new Denver home or apartment!