The average monthly rent in Denver has declined in recent months because of COVID-19, but the cost of renting in the suburbs is increasing. 

According to a report from Apartment List, rent prices in Denver are down 2.6% since January, while the cost of rent in nearby suburbs has increased 1.3%.

“We’re seeing demand and prices sort of level out between the two types of urban areas, being the core city and suburban areas,” said Rob Warnock a research associate with Apartment List. “People’s preferences for what they’re looking for are changing quite a bit … as there is a less of a draw to live in the most expensive part of cities right now.”

The report examined the renters market in 30 areas across the United States. While looking at Denver, the researchers compared data to 13 different suburbs including Aurora, Centennial, Lakewood and Littleton. 

All 13 suburban cities have rebounded to pre-pandemic prices.

“Literally every suburb that we had data for shows faster rent growth than the city of Denver itself. It’s one of the cleanest and crispest examples of this trend,” Warnock said. 

The rental cost in Westminster is increasing the fastest, up 4%, followed by Parker up 3%.

Denver’s situation is similar to that in Atlanta, Dallas, Nashville, Philadelphia and Portland — as there has only been a minimal decrease and slight increase to suburban areas. 

Meanwhile, New York City and San Francisco have experienced major rent decreases in both the city and the suburbs, according to the report.

Apartment List, which calculates average rent prices for at least 500 cities throughout the United States each month, believes this trend could continue.

“This isn’t something that (we’re) expecting to change dramatically for at least the next several months. I don’t really think these core cities will have much opportunity for their markets to heat up, until there’s the environment that draws people back in for jobs,” said Warnock