A new study analyzing data from real estate website company Zillow.com data shows Colorado is the “most expensive US state for renters in its major metropolitan areas,” according to a news release. 

Researchers looked at rent increases over the past three years in metropolitan statistical area around America and found Colorado’s MSAs saw an average 54% rent increases in that time. 

“In the first three months of 2020, the average rent price in MSAs in the state (Colorado) was $2,439.56, compared to an average of $3,757.93 across January, February and March in 2023,” according to the study. “This is a 4.5 times larger increase than the state with the smallest increase, West Virginia.”

The Apartment Association of Metro Denver reported average rents in the Denver area for all types of rentals stood at  $1,846 in the first quarter. That was basically flat from Q4 of 2022. Vacancies likewise remained flat, staying the exact same 5.6% level from the prior quarter.

Florida came in second, with an average 46.7% rent increase in its MSAs during that period. 

“Rent demand is strong in the US with rising homeownership costs. It is estimated that there is a shortage of 7.3 million affordable rental homes for those with low incomes. This paired with rising inflation means that rent prices have continued to soar.   

“This data reveals huge disparities in pricing across the US with cities in Colorado and Florida seeing rent increase by around 50%, compared to states like West Virginia and Iowa, which have seen average increases below 15% over the past three years,” according to the study authors from MovingFeedback.com. “The Enterprise group has found that nearly 11 million households spend more than 50% of their income on rent.”