DENVER - Rent prices have reached and all-time high in Denver, but is the market stabilizing?
According to a Yardi Matrix rent survey, Denver’s year-over-year rent rate fell to 3.5 percent in August after rising by 11 percent in 2015.
The survey reports that the nation as a whole is experiencing a deceleration in rent increases as job growth has slowed, especially in tech-focused cities.
"The recent deceleration has been most pronounced in some technology-centric metros, which are coming back to earth due to the combination of waning demand and affordability issues in the face of growing supply," the survey reports.
In July, Denver7 reported on the Apartment Vacancy and Rent report, which showed the average monthly rent at $1,371 for a one-bedroom unit.
Real estate experts say rent increases will taper off as more apartment units are built.