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.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable
