DENVER — In April, Denver7 reported that the Apartment Association of Metro Denver clocked rent prices at their lowest rate since the opening quarter of 2022.
After that story, a Denver7 viewer reached out saying," I love my Denver apartment, but I received a notice that renewing my lease for the next year, the rate will increase by 10%," that renter said.
Denver7 took the issue to Drew Hamrick, the general counsel for the Colorado Apartment Association, who said we are in a period where rent prices are lower. However, when it comes to renewing your lease, that is a different story.
Hamrick said while he cannot speak for specific housing providers, he does say owners are more likely to chase new business than chasing existing business. If and when you get your renewal letter, Hamrick said you can try and leverage the lower rent prices that you see your apartment complex offering online.
"I would expect that if that customer called the attention to their housing provider and said, look, 'I know if you had somebody coming in fresh off the street, you'd be offering them this deal, you've kind of showed me your cards here, and I'm not going to renew at a rate that's higher than that,' they likely have some success," Hamrick said.
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