Home prices aren’t the only costs that have skyrocketed in the Denver area. Over the last 10 years, the city has logged the third highest rent increases in the country, according to a Zillow study.
“Renters are now paying 88.2% more for housing than they did in 2010,” notes Our Community Now, a Castle Rock publication reporting on the study. “Only Austin, with a 99.2% hike, and Raleigh, with a 91% increase, beat out the Mile High City.”
High rents are a result of recently exploding home prices, which ratcheted up demand for apartments. According to Zillow, “the largest rent hike happened in 2015 and evened out a bit in 2017 before taking a slight upswing.”
On the bright side, the real estate website believes rent increases will slow in 2020. “By the end of , we expect annual rent growth to fall below two percent, or about a half a percentage point lower than where they currently stand.”
And if that doesn’t happen, apartment seekers can always move to Memphis, New Orleans or Virginia Beach—the three cities that logged the lowest rent increases in the country.