According to a report released last week, the rent increase in Colorado, particularly in the Denver area has transcended the national average for February. The average Colorado apartment rent has increased by 6.2% this February from February last year.
Boulder has the most expensive rent in the state, the average monthly rent for a 2 bedroom unit in Boulder amounted to $1,850 and a 1 bedroom is $1,480.
Denver ranked second, the average monthly rent in Denver is $1,750 for a 2 bedroom unit while a 1 bedroom unit costs $1,370. The rent in Denver increased by 4.8% year over year and is 0.3% higher compared to January 2016. Westminster in the Denver area gained the highest rent increase, the rent increased by 11.6%.
Denver property management advice individuals who intend to stay in Denver long-term to consider homeownership than to continue leasing because of the rising rent. Renters should act quickly and lock in deals while the interest rates are still close to historical lows.
Home prices are appreciating faster than rents. Housing experts believe that the trend will continue. Although it is not certain that you will enjoy home appreciation for the years to come if you invest in Denver real estate now, history has proven over the years that homes in Denver appreciate as time goes by.