Denver among top metros for deals on apartments: Zillow
DENVER (KDVR) – It’s not cheap to live in Denver, but a recent report from Zillow shows that the Mile High City is one of the top areas when it comes to deal sweeteners for renters.
In February, nearly half of the rental listings in the Denver metro area on Zillow were promoting some kind of deal sweetener, like free parking or a month of free rent.
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On a national scale, 32% of listings included a deal sweetener. However, in the Denver metro, 48% of listings had a little something extra to offer, according to a monthly Zillow report.
That’s 8.5 percentage points higher than it was a year ago.
Denver was among the top 10 metro areas for deal sweeteners or concessions.
Metro | Share of Rentals w/ Concessions | Year over Year Change in Share of Concessions | Typical Rent in Zillow Observed Rent Index (ZORI) | YoY Change in ZORI |
Salt Lake City | 60.3% | + 22.9 percentage points | $1,656 | 1.6% |
Austin, Texas | 55.0% | + 17.9 pp | $1,735 | -3.0% |
Charlotte, North Carolina | 53.5% | + 19.0 pp | $1,775 | 1.7% |
Dallas | 50.7% | + 13.5 pp | $1,747 | 0.5% |
Raleigh, North Carolina | 50.6% | + 13.4 pp | $1,747 | 1.2% |
Nashville, Tennessee | 49.9% | + 9.9 pp | $1,874 | 0.7% |
Washington | 49.4% | – 2.9 pp | $2,273 | 5.1% |
Minneapolis | 49.4% | + 4.3 pp | $1,615 | 2.9% |
Phoenix | 48.8% | + 8.6 pp | $1,846 | 1.4% |
Denver | 48.1% | + 8.5 pp | $2,007 | 3.1% |
United States | 32.2% | + 5.6 pp | $1,959 | 3.5% |
Things were looking up for rent costs too. According to the report, rent is growing at a rate of 3.5% nationwide, but in Denver, rent costs are up 3.1% year over year.
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“This could mean there are more apartments available than there are people looking to rent them,” Zillow said.
Zillow noted that the amount of rental listings with deal sweeteners is decreasing nationwide.
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