“And there in the blue air, I saw for the first time, far off, the great snowy tops of the Rocky Mountains. I had to get to Denver at once.” ~ Jack Kerouac, “On the Road”
Like the esteemed poet and novelist, you may have the urge to get to Denver without delay. The “Mile High City” offers a thriving economy and inspiring landscapes. Recreational opportunities include the nation’s largest park system and 100 golf courses. Eleven world-class ski resorts are less than an hour away. Hiking trails are ubiquitous, including the 24-mile Cherry Creek Trail.
Denver fields professional sports teams in football (Broncos), baseball (Rockies), and basketball (Nuggets). A vibrant performing arts scene is competitive with those found on America’s East and West coasts. Red Rocks Amphitheatre is an iconic concert venue. There’s even a museum dedicated to Titanic survivor, the “Unsinkable” Molly Brown.
The region’s allure is multi-faceted and endlessly compelling. Whether you’re currently living in metro Denver and looking for new digs, or contemplating a move there, this post is for you.
Understanding the Denver Rental Market
Denver’s median household income was $84,502 in 2021, or 113% of the national figure. With higher incomes come rents that also exceed national norms. Denver ranks 20th among the nation’s metro rental markets, with median rent for a one-bedroom at $1,760.
As Denver7 reported, however, there was good news for renters in 2024, as rents were steady or even lower in many instances.
Market Overview
In 2023, vacancy rates hovered around 4%, compared to a national Q3 2023 rate of 6.6%. Renters have a wide array of choices. They range from amenity-rich modern apartments to single-family homes and even mountain cabins. Changes in own vs. buy percentages are increasing the demand for long-term rentals.
Nonetheless, after four decades of increases, Denver rents have stabilized. Zillow calculates a year-over-year decrease of $22 in average monthly rents.
One reason is that new construction improves the balance between supply and demand. Builders will add 46,000 multifamily units in 2024, with another 75,000 in the pipeline. Another reason is that new regulations limit short-term rentals in some municipalities. This means a parallel increase in the supply of long-term rentals.
Pricing
Denver rent levels reflect strong demand driven by job growth and rising incomes. As of July 2024, Rent Cafe calculates the average rent at $2,010, with 42% of rentals priced in the $1500-2000 range. Denver-area rent is higher than in Colorado Springs, but significantly less than in Boulder.
Neighborhoods
Denver’s 78 neighborhoods include many that are popular with renters. LoDo (Lower Downtown) and RiNo (River North) both offer an energetic vibe and trendy housing designs.
As its name suggests, the Art District in Santa Fe offers abundant art galleries and studios. Residents also enjoy a variety of eateries, bars, and entertainment venues. The Capitol Hill and Golden Triangle Creative District includes the State Capitol and the Denver Art Museum. The University neighborhood is home to the University of Denver and a high-ranked school, Asbury Elementary. Park Hill is an affordable neighborhood near the Denver Zoo.
Metro-area cities that made Apartment List’s “Best Places to Live in Colorado in 2024” include Aurora, Castle Rock, and Lakewood. These and other nearby municipalities offer renters an array of modern, amenity-rich luxury apartment communities.
Factors Impacting Rental Demand
A strong economy attracts people seeking robust job options and potential for career advancement. Metro Denver’s population rose to 2.96 million in 2020, an increase of 16.5% in a single decade. Mid-year projected 2024 employment growth was revised upward from 41,900 to 49,600.
Variables that impact rental demand include:
- Proximity to employment centers – Living near your job shortens your commute. Major employment centers include downtown Denver, Cherry Creek, and the Denver Technological Center.
- Local recreation – Throughout Metro Denver, you’ll find a rich array of recreational activities like biking, hiking, water sports, fishing, and horseback riding. Consider the many possibilities in places like places like Aurora and Centennial.
- School rankings – Renters with school-age children consider academics, AP classes, athletics, clubs/activities, and more. In Greater Denver, high-ranked school districts include Douglas County and Cherry Creek.
- Proximity to public transit – Apartments close to bus routes and transit stations limit the use of personal vehicles. Denver’s vast 2,342 sqmi Regional Transportation District (RTD) offers a mix of buses, light rail, and commuter rail. The system serves 3 million residents living in 40 municipalities across six counties.
Some renters also consider proximity to freeways and Denver International Airport (DIA). Those who love the mountains may consider driving time to ski resorts and Rocky Mountain National Park.
Luxury Apartment Homes in Greater Denver
Competition among renters remains for amenity-rich developments. Be prepared to act fast when considering such properties. If you cannot make it to Denver to search for an apartment, consider properties offering virtual tours.
The Wright and Tempo Nine Mile are luxury apartment communities in South Metro Denver. The Wright is in Centennial and the highly ranked Cherry Creek School District. Residents enjoy plank-style flooring, stainless steel appliances, and quartz countertops. Units also include private patios/balconies and in-unit washers and dryers. Community amenities include a resort-style pool, grilling stations, a fire pit, and a basketball court. This pet-friendly development offers a dog park and pet washroom.
Aurora’s Tempo Nine Mile is a new transit-adjacent development northeast of Parker Road and Peoria Street. the amenity-rich community offers plank-style flooring, stainless steel appliances, private patios/balconies, and in-unit washers and dryers. Community amenities include a large outdoor pool, rooftop party deck, fitness center, and bike room. Pet-friendly Tempo Nine Mile also provides a pet washroom and onsite dog park.
About Draper and Kramer
Draper and Kramer is a full-service real estate firm founded in 1893. You’ll find D&K luxury apartment communities in Illinois, Missouri, Arizona, Texas, and Colorado. Check out the Denver-area developments noted above, or browse our complete selection of properties.
