Denver is a growing city in the state of Colorado. Its proximity to the Rocky Mountain Front Range provides access to skiing and other recreational activities, historic attractions and fascinating sites. Nearly three-quarters of a million people live in Denver, making it the most populous city in the Mountain States. Find out why millions of people call this place home and see if it fits your budget to call it yours too.
How much does an apartment cost in Denver?
Denver has experienced significant economic and population growth in the recent past, thanks to its proximity to various mountains and outdoor activities and its central location in Colorado. Transportation has a huge impact on the economy. Colorado has become a prime location for the storage and distribution of various products in the West Coast states and in the southwestern and mountainous regions of the country.
Several large corporations are headquartered in the city, including United Airlines, Coors Distributing Company, Gates Corporation and AIMCO, the largest owner and operator of apartment communities in the country.
The growth has led to an increase in the overall cost of living in Denver, Colorado. Currently, Denver sits at just over 128% of the national average cost of living, with housing being one of the most expensive aspects of living in this city. The median price of homes in Denver is over $ 420,000, while the median price in the state of Colorado is $ 384,000. Both of these figures are considerably higher than the national average of $ 231,000.
Transportation is also more expensive in Denver, 116% higher than the national average. Public transportation in the city is the most expensive in the country compared to other cities of similar size. A one-way ticket on a local route costs $ 3 for an adult, more than double the price of a similar ticket in Houston and Austin, TX. A ticket on the line between Denver International Airport and Union Station costs $ 10.50. Qualifying passengers can get a low income discount of up to 40% off fares.
Denver is in the Denver-Aurora-Lakewood metro area, and rental prices differ between apartments in the city and apartments located outside but still within the metro area. The average rent for a studio in Denver is $ 1,083, while a one-bedroom apartment in the city costs an average of $ 1,375 per month. Renting a two-bedroom apartment in Denver can cost almost $ 1,600 per month. The largest units cost an average of $ 2,231 per month for a three-bedroom apartment and $ 2,588 per month for a four-bedroom apartment.
Living outside of the city but in the metropolitan area can save you a bit of money, as the averages are slightly lower.
- Studio: $ 1,029
- One bedroom apartment: $ 1,204
- Two bedroom apartment: $ 1,508
- Three-bedroom apartment: $ 2,119
- Four bedroom apartment: $ 2,461
In comparison, the statewide average rent for a one-bedroom apartment is $ 1,040, while the national average is $ 930 per month.
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How do you find cheap apartments in Denver?
While the cost of living in Denver is higher than in other areas, you can find cheap apartments in the city if you’re willing to accommodate or spend more time searching. If you want to live outside the city, you may be able to find a cheaper apartment in the surrounding metropolitan area. Some neighborhoods are also more affordable than others. Some of Denver’s more expensive neighborhoods include Cherry Creek, University, Washington Park, Auraria, and Stapleton. If you search in these areas, you will likely see higher than average rental prices.
Some areas have also experienced above-average increases in house prices when you consider Denver, Colorado, the cost of living. City Park West is one of the city’s official neighborhoods, where house prices have increased 34% in one year. North Capitol Hill is also called Uptown Denver and offers walking access to shopping and dining. Yet it is an expensive place to live. If you want to save money on rent, try looking in neighborhoods that haven’t seen such massive increases in housing costs and include older properties.
You can also save money by sharing an apartment with a roommate. Splitting a two-bedroom apartment with another person will cost you each an average of $ 633 per month, while the average rental price for a studio is $ 1,083, so you’ll save a lot on housing. You can also split the cost of utilities, which can keep you under your budget. Message boards and online groups make it easy to find roommates in the Denver area.
If you spend more money on rent than you planned, you may be able to make up the difference by reducing your spending in other areas. The price of utilities in Denver is slightly lower than the national average, and you can reduce your electricity and gas use to keep those costs under control.
What’s the cheapest rent in Denver?
When you consider the average cost of living in Denver, some of Denver’s more affordable neighborhoods include Park Hill, Stapleton, and Highland. You can find cheaper rents in these areas and in parts of Northwest, Southeast, and North Denver. You may be able to get a studio for less than $ 1,000 a month by living out of town in one of the cheaper neighborhoods or in nearby towns, like Arvada or Littleton.
Whether you are an outdoor enthusiast or want to make a change due to a job opportunity, living in Denver, Colorado is an attractive option. It’s a bit more expensive than in other parts of the United States, but you’ll have access to great dining, shopping, and recreational opportunities that are often worth the higher cost.
Ready to explore your options? Explore Denver apartments for rent on Zumper and find the perfect place to feel at home in Mile High City.