“Broomfield County saw one of the greatest increases in gross rent nationally, according to a recent study from the U.S. Census Bureau.
Over a five year period, the study said that the increase was $312 — from $1,105 to $1,417. To put that figure into perspective, the study found the nation overall saw a $21 increase in median gross rent.
The data is accurate but not without caveats, said Mike Van Den Bosch, Broomfield County senior economic development specialist. He said that while the data from the census highlights the pronounced increase in Broomfield, it’s not specific to just the county, but rather the Northwest metro region.
According to Broomfield’s 2017 mid-year economic update, the average apartment rental rate rose 2.7 percent year-over-year to $1,545 per month while metro Denver’s rose 3.6 percent to $1,420.
“Given Broomfield’s structure as a city and county government, this data really reports the increase on a very small political subdivision,” Bosch said. “It’s difficult to use this type of data to compare Broomfield to our neighboring counties because their data generally incorporates rental prices from lower-priced markets.”
Employment growth and wage growth have increased in Broomfield county, according to both the State Demographers Office and the Census Bureau. But the growth in those sectors is not enough to keep up with the rising rental costs, Bosch said. Families renting are feeling the strain.”
McClung, Kelcey. Denver Business Journal 13 December 2017.