Despite the fervent building of new apartments, Metro Denver continues to see low vacancies and high rents. According to a recent article in the Denver Post, Metro Denver added 4,550 new apartments in the second quarter of 2015 alone, all of which were snapped up quickly, given the high demand for rental homes. Compare that to the total number of apartments for last year, which came in at total of 8,631 for all of 2014!
The average apartment rent in Metro Denver has increased 13.2% than last year, regardless of the rush of new apartments popping up on the Denver scene, causing Denver to shoot up towards the top of the list for steepest rent gains in the entire country. Currently, the average apartment rent is at a record of $1,265. But despite the rush to build, vacancies remain low as the population booms.
Low vacancies equal high rents, and as more and more people flock to Colorado looking to rent versus buy, landlords find that they need to remain competitive, offering concessions and discounts to make their property more appealing than the one next door.
Read the full article here: http://www.denverpost.com/business/ci_28555560/metro-denver-apartment-market-swallows-4-550-units