Rents Are Rising In Lakewood: New Study

LAKEWOOD, CO – Colorado real estate prices are climbing, but so are rents, a new study shows.

San Francisco-based Zumper.com, an online company that matches rental homes, apartments and condos with possible tenants, analyzed cities in metro Denver to see whether median rents are increasing.

Surprise! They are.

The company's June report, by Crystal Chen scoured 12 metro cities to show the most and least expensive cities and cities with the fastest growing rents for one-bedroom units. The Colorado state median rent for a one-bedroom was $1,224 last month.

The fastest rising rents in Colorado increased by more than 15 percent over last year, the data shows.

Here are the most and least expensive cities:

The Most Expensive
–Centennial, CO rent grew $20 to $1,520 and continued to rank as the most expensive in the metro.

–Denver, CO was the second priciest city with rent at $1,470.

–Lakewood, CO followed closely behind as third with one bedrooms priced at $1,460.

The Least Expensive

–Northglenn, CO remained the most affordable in the metro with rent at $1,090.

–Aurora, CO ranked as second with rent at $1,110.

–Arvada, CO rent dropped $30, settling at $1,150, and one spot to become the third least expensive city.

Lakewood's median one-bedroom unit costs $1,460 per month this June, (see chart below) with a year-over-year increase of 13.2 percent from 2017. The median Lakewood two-bedroom apartment rent was $1,550, up 7.6 percent over last year.

According to data for Lakewood compiled by the Denver Regional Council of Governments, the city has 26,672 units of renter-occupied housing (or 41 percent of the total 63,989 households). The median monthly renter costs in Lakewood, according to DRCOG were $1,067 in 2016. In comparison, median home-owner costs were $1,204.

The study also showed the fastest rent price increases year-over-year and month-over month.

Those were:

The Fastest Growing (Y/Y percentage)

–Denver & Littleton, CO rents tied for the fastest growing since this time last year, both up 15.7 percent.

–Thornton, CO had the second largest year over year rental growth, climbing 15.1 percent.

–Arvada, CO followed closely behind as third with rent growing 15 percent.

The Fastest Growing (M/M percentage)

–Littleton, CO rent also had a large monthly growth rate as well, rising 5.3 percent.

–Westminster, CO saw rent climb 5.2 percent last month, making it second.

–Thornton, CO had the third fastest growing rent, up 4.3 percent.

See the full study here.

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