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Rent on the rise in Broomfield

Rent prices have continued to increase and Broomfield has the highest rental rates in the Denver metro area. Rent in Denver is nearly 15% higher than it was this time last year.
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Rent prices have continued to increase and Broomfield has the highest rental rates in the Denver metro area.

Rent in Denver is nearly 15% higher than it was this time last year. A two-bedroom apartment is averaging $1,817 in Denver which is nearly $500 more than the national average. 

Rent prices in Colorado slightly decreased in January, but the last two months have seen a steady increase. Last month rent prices grew by 0.6%, according to Apartment List. 

Apartment List publishes monthly reports on rental trends for cities across the United States. It compiles information by referring to the rent statistics reported from the Census Bureau and  uses these numbers and numbers from current apartment listings to predict a growth rate for the next month.

Despite the increase in rent, Denver is still sitting slightly below the national average for rental pricing increases by approximately 2%.  

Broomfield, however, has the most expensive rental rates out of the largest cities in the Denver metro area. A two-bedroom apartment averages $2,293 per month compared to $1,817 in Denver and $1,920 in Westminster. Broomfield rent has increased by 1.8% over the past month and is 15.4% higher than this time last year. 

Broomfield has created a new team dedicated to addressing these problems. 

“City and county of Broomfield City Council also created the independent Broomfield Housing Authority in 2022 to create attainable and sustainable housing options to meet the broadest housing needs of Broomfield residents” said Kristin Hyser, executive director of the Broomfield Housing Authority. 

While Broomfield continues to grow in population despite the increasing rental prices, Hyser said the increase in prices can affect other housing decisions.  

“It is more likely to see people making housing choices informed by high rents — moving in with roommates, moving in with family, living in a situation where they are cost-burdened. When individuals have no choice but to spend more than 30% of their income on housing costs (the definition of cost-burdened), it becomes difficult to afford other necessities such as food, transportation, and medical care,” Hyser stated in an email.

Broomfield City Council passed the Inclusionary Housing Ordinance in 2020 intending to expand and increase access to affordable housing. 

“Broomfield was one of the first communities in Colorado to adopt an Inclusionary Housing Ordinance that required new residential developments to dedicate at least 20% of rental units to be permanently affordable at 60% area median income, or for the developer to pay a fee or donate land-in-lieu to support Broomfield’s housing goals,” Hyser said. 

One of the newest affordable housing communities is Academy Place Apartments at 715 W 120th Avenue. 

“We leased up the entire community of 50 units within three months and still receive a lot of interest in prospective renters,” said Susan Hunt, Senior Property Manager of Academy Place Apartments and Littleton Crossing Apartments in Littleton. 

“Once we are moved into the building and all settles down after the move-ins, we will open a wait list,” Hunt added.