Cost of Renting in Denver, Colorado: A Data-Driven Guide

What Does It Actually Cost to Rent in Denver?

Denver, Colorado, has long been one of the most popular cities in the Mountain West, attracting newcomers with its outdoor lifestyle, growing job market, and vibrant culture. But what does it actually cost to rent there? Whether you are considering a move to Denver or already live there and want to understand how your housing costs compare, this guide breaks down the numbers using real government data.

The median rent in Denver is approximately $1,665 per month (Source: Census ACS). That figure places Denver above the national median rent of approximately $1,365 per month (Source: Census ACS), meaning renters in Denver typically pay around $300 more per month, or roughly $3,600 more per year, than the national average.

However, the sticker price of rent only tells part of the story. To truly understand affordability, you need to look at rent in the context of local incomes, cost-of-living trends, and how Denver compares to other cities you might be considering.

Denver’s Rent Burden: How Much of Your Income Goes to Housing?

Housing experts and organizations like the U.S. Department of Housing and Urban Development (HUD) generally consider a household “rent-burdened” when it spends more than 30% of its gross income on rent. In Denver, the median rent burden is approximately 28.8% (Source: Census ACS). That is slightly below the commonly cited 30% threshold and also below the national rent burden of approximately 30.3% (Source: Census ACS).

This may seem surprising given Denver’s higher-than-average rents, but it reflects the city’s relatively strong median household income of approximately $85,853 (Source: Census ACS). In other words, while Denver rents are higher than the national average, local incomes tend to keep pace, at least at the median level.

That said, a median is just the midpoint. Many individual renters, particularly those earning below the median income, may experience rent burdens well above 30%. The 28.8% figure represents a citywide snapshot, not a guarantee of any individual renter’s experience.

Worked Example: Estimating Your Rent Burden in Denver

Let’s walk through a practical example. Suppose you earn Denver’s median household income of $85,853 per year. Your gross monthly income would be approximately $7,154.

Monthly rent: $1,665 (Denver median)
Monthly gross income: $7,154
Rent burden calculation: $1,665 / $7,154 = approximately 23.3%

At the median income level, a median-priced rental in Denver would consume roughly 23.3% of gross income. That is well within the commonly recommended 30% guideline. However, if your household income is closer to $50,000 per year (approximately $4,167 per month), the same $1,665 rent would represent a rent burden of about 40%, which most financial guidelines would consider burdensome.

This illustrates an important point: affordability is deeply personal. The same city can feel affordable or unaffordable depending on your individual earnings. You can estimate your own rent burden using our rent affordability calculator.

How Denver Compares to Other Major Cities

Context matters when evaluating rental costs. Below is a comparison of Denver to several other popular cities, using Census ACS data for median rent, median household income, and rent burden.

Denver, CO: $1,665/mo median rent; $85,853 median income; 28.8% rent burden
Austin, TX: $1,549/mo median rent; $86,556 median income; 28.9% rent burden
Portland, OR: $1,530/mo median rent; $85,876 median income; 29.9% rent burden
Seattle, WA: $1,945/mo median rent; $116,068 median income; 27.7% rent burden
San Francisco, CA: $2,316/mo median rent; $136,689 median income; 24.1% rent burden
Miami, FL: $1,494/mo median rent; $54,858 median income; 36.5% rent burden
Chicago, IL: $1,314/mo median rent; $71,673 median income; 29.2% rent burden

(Source: Census ACS)

A few patterns emerge from this comparison:

Denver’s rent is higher than Austin, Portland, Miami, and Chicago, but lower than Seattle and San Francisco.
Denver’s rent burden of 28.8% is among the lower figures in this group, suggesting that local incomes generally offset the higher rents.
Miami stands out as a cautionary example: although its median rent ($1,494) is actually lower than Denver’s, its much lower median income ($54,858) results in a significantly higher rent burden of 36.5%.
San Francisco has the highest rent but also the lowest rent burden, driven by its very high median income.

The takeaway is that raw rent prices can be misleading. A city with lower rent may still be less affordable if incomes do not keep up. To compare Denver to other cities side by side, try our city comparison tool or cost-of-living calculator.

Worked Example: Denver vs. Miami

Imagine you are deciding between Denver and Miami for a job relocation. Here is how the numbers might look using median figures:

Denver: $1,665 rent / $7,154 monthly gross income = 23.3% rent burden
Miami: $1,494 rent / $4,572 monthly gross income = 32.7% rent burden

Even though Miami’s rent is about $171 less per month, a household earning the local median income would spend a larger share of its paycheck on housing. Of course, your personal situation may differ. You might earn well above Miami’s median or well below Denver’s. These worked examples are meant to illustrate the method, not predict your exact experience. Tax structures also differ: Texas and Florida have no state income tax, while Colorado does, which can affect your take-home pay.

National Rent Trends and What They Mean for Denver

Rents across the United States have been rising steadily. According to the Bureau of Labor Statistics, the national rent CPI index stood at 410.2 as of December 2023, representing an approximate 6.5% change over the prior 12-month period (Source: BLS Series CUSR0000SEHA). This index measures changes in the price of residential rents nationally over time.

While this is a national figure and does not reflect Denver-specific trends precisely, it provides important context. Denver is part of a broader environment in which rents have been climbing. Local factors, including new housing construction, population growth, zoning policies, and economic conditions, all influence whether Denver’s rents rise faster or slower than the national average in any given period.

It is worth noting that rent trends can shift. Markets that experienced rapid rent growth in recent years have, in some cases, seen moderation as new apartment supply comes online. Denver has seen significant multifamily construction in recent years, which may help moderate future rent increases, though the impact varies by neighborhood and unit type.

What Makes Denver’s Rental Market Unique

Several factors shape the cost of renting in Denver that may not be immediately obvious from the numbers alone:

Altitude and Climate Considerations

Denver sits at approximately 5,280 feet above sea level and has a semi-arid climate with cold winters and warm summers. Utility costs, particularly for heating in winter, can add meaningfully to your total housing expenses. When budgeting for rent in Denver, it is wise to account for utility costs on top of the base rent, as not all rentals include utilities in the monthly price.

Neighborhood Variation

Denver’s median rent of $1,665 is a citywide figure. In practice, rents can vary dramatically by neighborhood. Areas closer to downtown, the Highlands, or popular corridors like RiNo (River North Art District) typically command higher rents, while neighborhoods farther from the city center or in surrounding suburbs may offer lower prices. The surrounding metro area, including cities like Aurora, Lakewood, and Thornton, generally offers additional options at varying price points.

Seasonal Patterns

Like many cities, Denver’s rental market may experience seasonal fluctuations. Demand tends to be higher in late spring and summer, when more people move. Renters who have flexibility in their move-in timing may find slightly more favorable terms during the fall or winter months, though this is not guaranteed.

Transportation Costs

Denver has an expanding light rail system (RTD), but many residents still rely on cars. Where you choose to rent can significantly affect your transportation costs. A less expensive apartment farther from work may end up costing more when you factor in gas, parking, and commute time. Consider using our cost-of-living calculator to think through total expenses beyond just rent.

Practical Tips for Renters Considering Denver

Here are some data-informed strategies that may help you approach the Denver rental market more confidently:

Calculate your personal rent burden first. Before searching for apartments, determine what 30% of your gross monthly income looks like. This gives you a starting ceiling, though your ideal target may be lower depending on your other financial obligations. Use our rent affordability calculator to run the numbers.
Look beyond the sticker price. Ask about utilities, parking fees, pet deposits, and any other recurring costs. A rental listed at $1,500 per month may effectively cost $1,700 or more once these extras are included.
Research neighborhood-level data. Citywide medians are useful starting points, but rental prices in Denver vary considerably by area. Spend time exploring specific neighborhoods to understand local pricing.
Factor in Colorado-specific costs. Colorado has a state income tax, which affects take-home pay. The state also has specific renter protections and regulations that are worth understanding before signing a lease. Consult a local tenant rights organization for details.
Consider timing. If your move is flexible, exploring the market during off-peak months (typically late fall through early spring) may provide more negotiating leverage, though availability may also be more limited.
Think about the rent-vs-buy question. If you are considering whether to rent or buy in Denver, the math depends on many factors including interest rates, down payment savings, how long you plan to stay, and local home prices. For mortgage cost comparisons, see wirly.com.

Where Denver Falls in the National Landscape

To put Denver in broader perspective, it is helpful to look at the extremes of the U.S. rental market. The most expensive rental markets in the country include places like Fort Hunt, VA; Scarsdale, NY; Los Altos, CA; Nocatee, FL; and La Cañada Flintridge, CA, all with median rents at or above $3,501 per month (Source: Census ACS). Denver’s $1,665 median is well below these levels.

On the other end, some of the most affordable markets by rent burden include Pepper Pike, OH; Ranchettes, WY; Fair Haven, NJ; Credit River, MN; and Oak Ridge, NC, each with rent burdens of approximately 9.0% (Source: Census ACS). These communities tend to be smaller and may offer fewer of the urban amenities and job opportunities that draw people to Denver.

Denver falls in a middle-to-upper range nationally: more expensive than average, but with incomes that generally help offset the higher costs. Whether it feels affordable to you will depend on your personal financial picture.

What This Data Does Not Cover

While this guide uses real government data to provide an accurate snapshot, there are important limitations to keep in mind:

Data lag: Census ACS data is typically released on a one- to two-year delay. The figures cited here may not reflect the most recent shifts in Denver’s rental market. Current asking rents on listing sites may differ from the Census median.
Median vs. individual experience: Median figures represent the midpoint of all renters. Your actual rent and rent burden may be significantly higher or lower depending on the type of unit, neighborhood, household size, and income level.
Rent CPI is national: The BLS rent CPI figure cited (6.5% annual change) is a national index. Denver-specific rent inflation may differ.
No legal guidance: This article does not provide legal advice regarding leases, tenant rights, eviction protections, or security deposit laws in Colorado. These matters vary and can change. Consult a local tenant rights organization or attorney for guidance specific to your situation.
No unit-type breakdown: The median rent figures do not distinguish between studio, one-bedroom, two-bedroom, or larger units. Actual costs vary significantly by unit size.
Excludes non-rent housing costs: Figures here generally reflect contract rent and may not fully capture utilities, renter’s insurance, parking, or other recurring costs that affect total housing expenses.
Market conditions change: Rental markets are dynamic. New construction, economic shifts, policy changes, and population trends can all influence rents in ways that historical data cannot predict.

Making a Data-Informed Decision

The cost of renting in Denver is higher than the national average, but the city’s relatively strong incomes mean that the typical rent burden remains close to, and slightly below, the 30% threshold that financial guidelines commonly reference. Whether Denver is affordable for you specifically depends on your income, lifestyle, debt obligations, and financial goals.

We encourage you to explore the data further using StayRentals tools:

Rent Affordability Calculator: Estimate what you can comfortably spend on rent based on your income.
Cost-of-Living Calculator: Compare total living costs between Denver and other cities.
City Comparison Tool: See how Denver stacks up against other markets on rent, income, and rent burden.

Renting is one of the largest financial decisions most people make. Approaching it with real data, rather than assumptions or anecdotes, can help you make a choice that fits your life.

This article was generated with AI assistance using government data sources. It was reviewed for accuracy but may not reflect the most current market conditions.

Data Sources

U.S. Census Bureau, American Community Survey (ACS): Provides median rent, median household income, and rent burden data for cities and communities nationwide.
U.S. Department of Housing and Urban Development (HUD), Fair Market Rents (FMR): Publishes annual fair market rent estimates used for housing assistance programs and affordability benchmarks.
U.S. Bureau of Labor Statistics (BLS), Consumer Price Index (CPI): Tracks changes in the cost of residential rent over time through the rent of primary residence index (Series CUSR0000SEHA).

StayRentals is not a real estate agent, landlord, or property manager. This content is for educational and informational purposes only. Housing laws vary by state and municipality. Consult a local tenant rights organization or attorney for advice specific to your situation.