Rent costs increased by 0.71% over July’s price in August but failed to beat the record highs from a year ago, according to Rent.
Rent analyzes rent prices on a monthly basis. Since the winter months, rent has increased a total of 6% nationally. However, monthly rent increases have remained at or below 1% with a dip from March to April of -0.24%.
From February 2021 to August 2022, rent increased by more than 25%.
“That period included 11 months of double-digit rent growth that began in October 2021 and ended in August 2022 when yearly changes were above 12 percent,” the August report stated.
Rent reports in August 2023 state that rent declined 0.06% compared to a year ago but is still within $2 of last year’s high when the median price of rent was $2,054.
While rent price growth has slowed over the past few months due to increased inventory and decreased demand, longer-term views indicate that prices remain “well above pre-pandemic levels,” according to Rent.
“Over two years, rents have grown by more than 12 percent, and over three years by more than 18.5 percent. Annualized growth over each of those periods is more than 6 percent, well above historical norms. Over the course of the pandemic, prices have risen by more than 25 percent, adding over $400 to monthly rent bills since 2019,” the report states.
Colorado’s median rent clocks in at $2,163 per month which is above the national average. Over the last year prices have decreased by 2.01% but have increased monthly by 0.52%.
