During the month that Denver and the rest of the country began to feel the impact of the new coronavirus outbreak, the median rent here inched up 0.2 percent over February and 0.9 percent over March of 2019, according to Apartment List.
The on-line real estate company, which uses data from both the Census and its own listings for its calculations, put the median for a two-bedroom in Denver at $1,359 in March.
Zumper, another online real estate company, looks at its own listings in 100 cities across the country to come up with its monthly rental analyses. Zumper put the two-bedroom median for Denver in March at $1,920, up 1.1 percent over February and down 1.5 percent over the previous March.
Both companies said it was too early to judge the full impact of COVID-19, the disease caused by the coronavirus.
Apartment List researchers said fewer people are expected to be moving into new places, meaning demand will drop. Dropping demand will likely mean decreasing prices.
“In the near-term, it’s likely that the volume of moves will likely drop off significantly, due to a combination of shelter-in-place orders, eviction moratoriums, and general uncertainty surrounding the virus and the economy,” Apartment List said.
Nationally, Zumper said its inventory was dropping.
“Landlords in shelter-in-place states have removed their listings until a time when they can show them again and tenants are cancelling their move outs and landlords are taking these planned vacancies off the market,” according to Zumper’s report.