Denver renters have paid over $109,000 in rent since 2019: Data

DENVER (KDVR) — The average Denver renter has paid out over $109,527 in rent over the last five years and will pay out over $119,022 in the next five years if rates stay the same, according to a new analysis by GoBankingRates.

The analysis looked at Zillow rental data from February 2019 to February 2024.

Zillow publishes an average monthly rental figure, which GoBankingRates used to calculate how much renters in the nation’s largest cities have paid over the last five years and how much renters will pay over the next five years if rates stay the same.

Denver among the most expensive rental markets

According to the data, Denver ranked No. 13 with its average monthly rent payment of $1,984 as of February.

This was considerably lower than some of the priciest markets, including New York City, which had an average monthly rent of $3,393.

The average cost of rent for New Yorkers over the past five years was calculated at $183,539, which is just under $75,000 more than the average Denverite spent.

The other cities in the top 5 were Boston, San Francisco, San Jose and Miami. All five had an average monthly rental payment of $3,000 or more, according to the data.

It is worth noting that the projected $119K figure is for if the monthly rate stays the same over the next five years.

According to Zillow data FOX31 looked at, the monthly rate went from around $1,584 in February 2019 to $1,984 in February 2024. This was an increase of around 25%.

If rents increased at the same rate in the coming years, Denver could end up with an average monthly rent of just under $2,500 by 2029.

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