Good news for renters in the Denver metro area — new numbers show the market is continuing to stabilize.
Rent remains relatively flat with just a $5 increase from the average of $1,870, according to the Apartment Association of Metro Denver's quarterly Vacancy and Rent Report.
Average rent growth in any 18-month period is generally 5.7%, according to the association.
Experts said an increase in new apartment construction has helped stabilize rates, but the increase in supply doesn't mean renters can afford these units.
Vacancy levels remained flat at 5.8% for the first quarter of 2024 — the same as last quarter.
The highest vacancy levels are in the Thornton, Northglenn area at 7% — slightly higher than downtown Denver at 6.9%.
Aurora has the lowest at just 4.2%.
The largest vacancy increase was 150 basis point in southwest Denver.
New apartments built since 2020 still have the highest vacancy at 6.7% — an increase of 0.1% over last quarter.
Buildings constructed prior to 1970 have the lowest vacancy at 4.5% — even lower than last quarter’s rates at 4.9%.
Even with the construction boom, there just aren't any affordable housing options being built, according to housing advocates.
Colorado Housing Connects told Denver7 it’s seeing extremely high eviction filing rates right now with a 21% increase in this quarter compared to 2023.
“Still far too many people are struggling to make ends meet to keep up with the rent,” program director Patrick Noonan said. “It's one part of the equation and some of [these numbers] we're excited to see. But when you add it all up together, it's very hard for the average family to make ends meet in this climate.”
Despite what the data shows, the Apartment Association of Metro Denver said there’s still more work to be done.
“Despite what the data shows, we still need to expand housing availability. We must continue to advocate for more housing development as the best solution to affordability,” Drew Hamrick, senior vice president for government affairs and general counsel for the Apartment Association of Metro Denver, said.
