BOULDER – The usual story of ever-rising Boulder rents took a new turn this month. Data for August 2018 shows Boulder rents fell slightly by 0.1 percent last month and by 0.1 percent year-over-year, according to the latest report from rental site Apartment List.
That translates into median apartment rent of $1,150 for a one-bedroom and $1,410 for two-bedrooms. But even with the minor dip, Boulder’s median two-bedroom rent is above the national average of $1,180.
Nationwide rental rates went up about 1.5 percent, which the report found is down from a high of 3.6 percent in 2015.
Compared to the state and nation, Boulder’s rental price growth is below average. The city lags the state average of 0.4 percent rent growth year-over-year.
Rent also decreased in the city of Aurora with a reduction of 0.8 percent year-over-year. A two-bedroom apartment in Aurora rents for $1,560.
But statewide, rental prices continue to trend upward. Colorado’s rental prices rose 0.4 percent over the past year. Eight of Colorado’s ten largest cities show rising rents.
Loveland, Thornton and Westminster all have year-over-year growth above the state average with rent increases of 2.8 percent, 2.6 percent, and 1.9 percent, respectively.
Thornton is the most expensive of all Colorado’s major cities with a median two-bedroom rent of $1,860.
Many cities nationwide saw increases, including Phoenix, Atlanta, and San Francisco, rising 2.5, 1.5 and 1.1 percent, respectively.
Orlando has the fastest rent growth in the nation with an increase of 5.3 percent over last year. Second in the nation is Riverside, CA with 4.1 percent year-over-year growth, followed in third place by Anaheim at 3.6 percent.
The state of Nevada leads the country for the fastest rent growth at 3 percent, followed by Arizona at 2.2 percent.
Apartment List determines rent standings using reliable median rent statistics from the Census Bureau and extrapolates forward to the current month using a growth rate calculated from Apartment List listing data.
You can read the full report online at apartmentlist.com/co/boulder#rent-report, see the national rental statistics at apartmentlist.com/rentonomics/national-rent-data. If you want to know where rents are growing fastest, visit apartmentlist.com/rentonomics/rents-growing-fastest.
By Tom Kalinski. Tom is the owner and founder of RE/MAX of Boulder, the local residential real estate company he established in 1977. He was inducted into Boulder County’s Business Hall of Fame in 2016 and has a 40-year background in commercial and residential real estate. For questions, e-mail Tom at [email protected], call 303.441.5620 or visit boulderco.com.