“After experiencing years of rapidly escalating rents, tenants in metro Denver are starting to catch a break.
According to the Denver Metro Area Apartment Vacancy and Rent Survey, rents have dropped for the second consecutive quarter.
The survey, by Ron L. Throupe, Ph.D. of the University of Denver Daniel’s College of Business, and Jennifer L. Von Stroh of Colorado Economic and Management Associates, shows the average rent in metro Denver is now down to $1,456 and average vacancy is up to 5.8 percent.
Teo Nicolais, an instructor at the Harvard Extension School, and the president and founder of Nicolais, LLC, a Denver real estate investment company, said rents are declining because more apartments are being built. Lots more.
“When you have over 25,000 new apartment units added to the metro area, that creates a lot of supply that is hard to fill,” Nicolais said. “That puts downward pressure on rents.””
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Hernandez, Lance. Channel 7 News 23 January 2019.