The Apartment Association of Metro Denver released their firs quarter apartment vacancy report last week and here are the results—
· Metro Denver now has over 400k apartments that can be rented and another 43,700 apartments are under construction to be completed over the next 3 years.
· The vacancy rate remained steady at 5.6%. The vacancy rate is highest in buildings built in the last 3 years with a vacancy rate of 6.8% and the lowest in buildings built before 1970 at just 4.9%. This tells me more renters are looking for affordability.
· Average apartment rents hit $1,846, an $8 increase from the 4th quarter and an increase of 5% over the last year.
· With additional construction rents should flatten out year over year.
