Encouraging news was published in late July within the Apartment Association of Metro Denver’s 2nd Quarter Vacancy & Rent Report. Typical of the spring season, rents increased and vacancy rates fell since the winter months. Metro-wide, apartment vacancy dipped to 6.0%, a slight decrease from 6.1% in the 1st quarter report. The median rent for all apartments metro-wide increased from $1,379 last quarter, to $1,435 currently. Because vacancy and rent statistics are skewed by larger, newly-constructed properties, it is more relevant for our clients to focus on the specific Central Denver figures reported. Drilling down further to the figures reported for buildings with less than 50 units (essentially removing the new construction) provides a clearer picture of how existing buildings are performing.
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