Known as the “Mile High City” for its high elevation of 5,280 feet, Denver is ranked as the second best city to live and is also one of the fastest growing cities in the U.S.
As Denver becomes more popular and people flock to live in this old gold rush town, rent prices continue to steadily increase in some Denver neighborhoods. If you’ve set your heart on living in Denver and want to rent in one of the best areas of the city, you’ll want to act quickly.
Check out the average cost of rent in five of the Denver neighborhoods where rent is rising the fastest to determine which neighborhood might be right for you.
5. Berkeley
- Average rent price increase: 13.81%
- Average 1-BR rental price: $1,948
If you’re looking for an urban neighborhood, Berkeley is a match. Like other urban areas, rent continues to increase and this city is no different. With a 13.81 percent increase over the past year, renters can expect to pay an average of $1,948 for a one-bedroom apartment. While it’s one of the most expensive Denver neighborhoods, it’s also one of the most lively.
Tennyson Street Cultural District has more than 65 local shops, art galleries, cafes and boutiques. But it’s not all urban. Berkeley is near the Rocky Mountain Lake Park and Berkeley Lake Park. Renters get the best of both worlds with options for a vibrant nightlife and a quiet, peaceful outdoor scene.
4. Kennedy
- Average rent price increase: 15.62%
- Average 1-BR rental price: $1,216
Kennedy is located just 12 miles from Denver city center. Following the trend, Kennedy has seen a 15.62 percent increase in rent this year, making the average cost of a one-bedroom apartment $1,216.
Located near several parks, golf courses and Cherry Creek Reservoir, Kennedy is the perfect family and dog-friendly neighborhood to find and rent an apartment.
3. Washington Park West
- Average rent price increase: 22.94%
- Average 1-BR rental price: $1,892
For some, Washington Park West is comparable to Central Park in New York. Complete with two lakes, flower gardens, running trails and endless grass, this area of Denver is highly sought after by renters. In the last year, the average cost of rent is $1,892, which is a 22.94 percent spike compared to last year.
Washington Park West is a great location for outdoor enthusiasts, music lovers and foodies alike. The park offers more than 165 acres of land for runners, bikers and walkers to enjoy. The city center is full of unique cafes and breweries. Also, music lovers can enjoy the Denver Folklore Center, which is the oldest acoustic music store in the city.
2. Southwest Denver
- Average rent price increase: 26.18%
- Average 1-BR rental price: $1,366
With a 26.18 percent annual increase and an average rent of $1,366, the Southwest sector of Denver is frequently sought after and ranks as the second most expensive neighborhood in Denver.
Comprised of multiple, small municipalities and centered around Marston Lake, Southwest Denver is quiet and tranquil and has a strong sense of community. Located near the South Platte River, these neighborhoods are gaining traction and popularity for renters.
1. Belcaro
- Average rent price increase: 34.21%
- Average 1-BR rental price: $2,368
The city was named after former Senator Lawrence Phipps’ 27,00-square-foot Georgian-style mansion, the Belcaro. Surrounded by sprawling parks, tree-lined streets, local boutiques and restaurants, this area of Colorado is a highly-desired place to live.
Within Belcaro is the Bonnie Brae subdivision. Built to mimic the style of a Scottish village, the layout follows the land, instead of man-made roads. While it’s one of the most expensive Denver neighborhoods, renters won’t be disappointed by the history, aesthetics or charm of Belcaro.
Belcaro has seen the steepest increase in rent over the last year at 34.21 percent. The average cost of rent for a one-bedroom apartment is $2,368.
Methodology
We looked at all neighborhoods in Denver with sufficient available inventory on Apartment Guide and Rent. and compared the average price from May 2018 to May 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
The current rent information included in this article is based on May 2019 multifamily rental property inventory on ApartmentGuide.com and Rent. and is used for illustrative purposes only. The data contained herein does not constitute financial advice or a pricing guarantee for any apartment.
