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Cities See Double-Digit Rent Decreases

Market Data + Trends

Cities See Double-Digit Rent Decreases

November 4, 2020
Aerial view of Denver, Colo., skyline
Photo: Kevin Ruck

According to the October Rent Report from Apartment List, rent prices are dropping across the United States for some cities but rising in others. In Denver, the monthly rent for a two-bedroom apartment was $1,560 last month. This is a 0.8% drop from September but a 5.2% year-over-year decrease. For surrounding Colorado metros, the Denver Post reports Aurora apartment rents increased by 0.7% compared to last year, but towns such as Broomfield, Lone Tree, and Arvada all dropped. Rents in San Francisco have dropped by 21.7% since March and New York rent decreased by 15.3%.

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

Apartment rents are rising at the fastest pace in Boise, Idaho; Toledo, Ohio; Chesapeake, Va.; Greensboro, N.C., and Reno, Nev.

Nationally, median apartment rents fell 1.4% over the past year, and are down 1.7% in Colorado. Fort Collins rents are down 2%, while Colorado Springs rents are up 5.1%, the survey found.

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