DENVER — Supply and demand — the concept apartment industry leaders say is leading to rent prices going down across the Denver metro area. Rent prices are at their lowest rate since the opening quarter of 2022, the Apartment Association of Metro Denver said.
Industry leaders said, we are in a renter's market, which is good news for consumers who are currently looking to rent.
Denver7 listened to a vacancy and rent report conference where presenters revealed many apartments are offering specials, giving consumers the chance at free rent or steep discounts. Those experts explained that apartment owners have to make concessions as they work to increase occupancy rates for their apartment buildings. Looking at the numbers, the vacancy rate is 7% in the Denver metro area and the average rent price is down from last quarter.
In Arapahoe, Denver, and Jefferson counties, industry experts are seeing vacancy rates on the rise while places like Adams, Boulder and Douglas counties see the opposite. One factor that does help the rental market is the high cost of home buying in Colorado, but experts warn that companies are keeping an eye on economic trends in the state.
“We go through cycles, and we are at the cycle now we are building more than we can fill up and vacancies are moving up with rents moving down, at some point you will not be able to build apartments or very few will be built because rent is too low and vacancy is too high” Cary Bruteig, the founder of Apartment Appraisers and Consultants, said.
Some good news for renters, prices could continue to go down with more units coming online throughout the year in the Denver metro area.
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