Rent on the rise: Report shows annual increase in Denver

DENVER (KDVR) — Data released from the rental website Zumper has revealed that the price of rent is increasing nationally.

Rent for a one-bedroom apartment has increased by 1.6% across the U.S. with a median price of $1,534. While two-bedroom apartments have jumped up by 2.7% and cost $1,915.

Locally, no Colorado city appeared in the top 20 cities in this list, with Denver missing out coming in at the 21st spot. Denver had a median one-bedroom price of $1,850 which is a 1.6% uptick in price from last year and two-bedroom median prices at $2,470, which was also a 1.6% increase.

Only three Colorado cities could be found in the top 100 cities: Denver ranked 21, Aurora ranked 34, and Colorado Springs ranked 68.

The Big Apple topped the list with several iconic cities like Los Angeles and Boston featuring in the top 10.

The top 10 cities:

1. New York, NY: 1-bedroom: $4,500, 2-bedroom: $5,100
2. Jersey City, NJ: 1 -bedroom: $3,400, 2-bedroom: $3,900
3. San Francisco, CA: 1-bedroom: $3,160, 2-bedroom: $4,220
4. Boston, MA: 1-bedroom: $2,800, 2-bedroom: $3,500
5. Miami, FL: 1-bedroom: $2,790, 2-bedroom: $3,750
6. San Jose, CA: 1-bedroom: $2,750, 2-bedroom: $3,380
7. Arlington, VA: 1-bedroom: $2,430, 2-bedroom: $3,200
8. Los Angeles, CA: 1-bedroom: $2,410, 2-bedroom: $3,340
9. San Diego, CA: 1-bedroom: $2,400, 2-bedroom: $3,240
10. Washington, DC: 1-bedroom: $2,390, 2-bedroom: $3,290

Another trend that was found in the report is that college towns and cities continue to display the greatest rent price growth in the U.S. These locations have a high demand for rental properties and show more stability in their renting markets.

Syracuse, New York has 11 colleges, universities, and trade schools. They lead the nation in rent growth with a 31.6% increase this year.

“In an era where the amount of new supply is shattering records, it’s remarkable to see vacancy rates holding steady this year,” said Zumper CEO Anthemos Georgiades in a release. “Strong renter retention alongside our growing national rent index underscores the robust demand present in the U.S. market.”

The report states that rental companies are experiencing a high retention rate with multifamily operators with a low rate of people leaving the rental market to purchase a home. The vacancy rate in the U.S. has hovered around 6.6% through the first two quarters of the year.

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