What is the average rental rate for a studio in the Denver/Boulder area?

I am looking to rent a studio preferably under $550 per month in the Denver/Boulder area. I'll be attending CU Boulder but I wouldn't mind living in the city of Denver, just not Aurora or the suburbs. I was browsing craigslist and saw a lot of studios in my budget in Capitol Hill, Cheesman Park, etc. Are rents really this cheap?