Denver Could See An Increase To High Rent Prices, Report Says

Rent prices are rising again in Denver, but there may be some good news, according to Westword.

A November report from Apartment List details the situation. The website says while the already sky-high rent will see an increase, it wasn't as large compared to the findings of a previous survey. In fact, some spots in the Denver metro have seen declines.

The report says rent in the Mile High City increased by 0.2% in October. Reporters pointed out, however, that this was the ninth consecutive month of prices rising. As a result, this puts the "year-over-year escalation" at "16.1%, just over the national average of 15.8%."

Westword also found that rent in Denver rose by 2.7% during September. If this happened for the next 12 months -- that's a surge of 32.4% within a year.

An August report from the U.S. Department of Treasury showed that Colorado only paid out under 8% of its allocated funds for rental assistance. Officials say this is due to a huge backlog.

New renter protections in the Centennial State also rolled out last month. Among these new rules, landlords can only charge late fees if the rent is at least seven days late. Even if a late fee is imposed, it can't be more than $50 a month of 5% of monthly rent.