A recent report from Zillow calculates how the price of rent has increased in the past 10 years for 50 large metropolitan areas in the U.S.
In the Denver market, the cost topped $50.7 billion and since 2010 renting has climbed by 88.2%.
Overall, Austin, Texas, Raleigh, North Carolina, and Denver had the largest rent increases in the 2010s, while Memphis, Tennessee, New Orleans and Virginia Beach, Virginia, had the smallest increases.
Nationwide, renters spent a combined $4.5 trillion during the 2010s with $512 billion being spent on rent in 2019. While rent is up 2.3% from last year, rent increases slowed in the latter part of the decade, Zillow (Nasdaq: ZG) said.
"While the total amount of rent paid has increased each year this decade, that trend is by no means immutable," Zillow Group Economist Joshua Clark said in a statement. "With rental appreciation expected to decrease in the coming year and a homeownership rate that has been ticking up over the past few years, a small or even negative change in total rental spending could be in the cards in the early 2020s."
To read more + see how Colorado compares to the other top metros, visit the Denver Business Journal.
Related Links
Start that college fund early, courtesy of the State of Colorado
Recycle your holiday tree in the Denver Metro area
