According to a study done by the U.S. Census Bureau, one of Denver’s counties has seen one of the largest rent increases across the nation. The study looked at rent growth over a period of 5 years and found that rent increased in Broomfield by $312, jumping from $1,105 to $1,417. That number overall doesn’t sound too monumental, but compare that to the overall national increase of $21 and that total really starts to stand out.
What’s in the Data?
While the data is accurate, there is a bit of a stretch in the Census Bureau’s overall report. The study highlights the increases in Broomfield, but the data isn’t just specific to the county itself. It encompasses the Northwest metro region as well, giving a sense of rent increases across Broomfield County and its surrounding areas on that side of town.
According to reports from the middle of this year, Broomfield’s average apartment rent was only a 2.7% year-over-year increase, whereas metro Denver’s rose 3.6%. Both employment and wage growth have increased in the area, according to the Denver Business Journal, but not enough to keep up with the costs of renting.
Furthermore, the article went on to mention that the data reflects more of a small political subdivision given Broomfield’s city and county government structure. Comparison also becomes a little difficult when many of the neighboring counties’ data consist of markets with lower rental prices.
What All the Rent Increases Boil Down To
Overall, the increase in rent from over the years is still pretty significant and shows just how much has changed in the Denver metro area over the last five years. With all the talk of rent increases, it’s still important to check where your property stands in the current market and not just base your desired rate off of old news, so to speak. Check what’s currently available in your area, taking comparable properties into consideration including how long they’ve been advertised for, as the market shifts.