Denver has been a hot market for renters this year and prices have gone up. The average rent price in Denver is now $1,582. This is an increase of 37% from the last quarter alone! For those looking to move into the area, it might be wise to start saving your money because you’ll need more than just a down payment to afford an apartment here.
Denver’s high rents are driven by supply and demand; there aren’t enough apartments available due to lack of construction, while at the same time many people want to live in Denver so they’re willing pay higher prices. These two factors combined make it hard for new residents without much income or savings – who often can’t qualify for rental assistance programs – find affordable housing.