DENVER — Housing affordability has been a persistent challenge in recent years — for homebuyers and apartment renters alike.
In Denver, rents have cooled off, with a nearly 8% reduction in December. Though rents remain relatively high compared to the national average. The median rent in Denver is $2,546 — 30% higher than the national average of $1,964, according to Rent.com data.
Nationally, median monthly rents declined year-over-year by 2% in November, followed by a further decrease of 0.78% in December. The current national median price for an apartment is $1,964. Median rents peaked in August 2022 at $2,054.
November marked the first time in more than three years that median apartment rents declined by more than a single percentage point.
It's yet another sign the white-hot multifamily market is now cooling, primarily due to new supply hitting the market, but there are plenty of markets around the U.S. where affordability will remain a challenge.
> Read the full article at the Denver Business Journal.
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