Denver Rent Hits 10-Year High

May 2, 2012

in Markets

Denver Rent Hits 10-Year High

Apartment rental rates in the greater Denver area shot up to a 10-year high in the first quarter as the region faced growing demand for a limited supply of rentals. Monthly rents in the area soared 4.5% between the first quarter of 2011 and the most recent 1Q period, according to research from the Apartment Association of Metro Denver and the Colorado Division of Housing. The organizations claim the 4.5% year-over-year rental rate hike is the highest percentage increase in any quarter since 2001. The average rent in Denver today is $952, up from $911 last year. “Rents continue to increase as demand grows faster than the production of new units,” said Ron Throupe, professor of real estate at the Burns School of Real Estate and Construction Management at the University of Denver and author of the report. “Rents often tend to moderate a bit during the first quarter, but this year, the rent rose to an all-time high instead.” [Read this article]

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