Close. I think you counted an extra year in there. It increased 5% at the end of the first year, 7% the second, then 10% the third and fourth. I moved out at the end of my lease after the fifth year, so I don't know what the fifth increase going into the sixth year would have been. It started at $900 and five years later, it was $1,215. That's a 35% increase.

I lived in a more expensive apartment than is typical, but there is no housing anywhere near where I am (only apartments). I don't know if proportional increases are typical all over Denver, though. By the end of the fifth year, I was tired of seeing my rent increase at triple the rate of my raises.