Denver, Colorado 2021-05-01 08:00:59 –
According to the latest vacancy and rent reports for Denver Metro Apartments, rents for Metro Denver apartments are about flat year-on-year, but vacancy supplies are below pre-pandemic levels.
Compared to the previous year, rents are basically flat, with average rents up $ 7.89 and median up $ 7.85. Apartment vacancy rates in the region fell from 5.8% in the fourth quarter to 5.5% in the first quarter, down from 5.9% earlier last year.
Average apartment rents across the metropolitan area were $ 1,543.59 in the first quarter, up $ 33.33 from average rents of $ 1,510.26 in the fourth quarter. Median or midpoint rents increased from $ 1,449.01 to $ 1,483.28 over the same period, with quarterly net fluctuations of $ 34.27.
Ron Sloop, an associate professor of real estate at the University of Denver Daniels, said: Business College, comments accompanying his report.
In another release, Mark Williams, executive vice president of the Metro Denver Apartments Association, said a 2.2% increase in average rent in the first quarter was consistent with the 10-year average increase seen in Metro Denver. ..
A slight annual rise in rent, in contrast to inflation seen in home prices, has risen by 15%, he said. Throupe adds that rent inflation has been declining since 2016 and is below overall inflation. If wage increases can continue to outpace rent increases, it will give tenants more room for their households.
“In an environment where it’s difficult to find a suitable home, stable apartment rents are good news for renters,” Williams said. “Apartments are still the most affordable, most convenient and most environmentally friendly lifestyle.”
Apartment list, it provides Monthly Apartment ReportDenver’s rents are estimated to have risen 1.8% between March and April, the 44th fastest rise among the 100 largest cities in the United States. Apartment rents are still down 2.1% year-on-year in April, the 17th largest decline.
According to Apartment Insights, Metro Denver has more than 371,000 apartments, plus nearly 27,000. More than 140 apartment communities are under construction, most of which will be completed within the next two years.
“Metro Denver’s housing market has left the pandemic impact, vacant at pre-COVID levels and reestablished a course of sustainable growth,” said Terans Hunt, Vice Chairman of AAMD Release. Stated. “In Denver’s seasonal rental market, we believe we will continue to experience strong rent increases in the second and third quarters, as spring and summer months generally outpace winter months.”
Metro Denver apartment rents up only $8 the past year Source link Metro Denver apartment rents up only $8 the past year