The Apartment Association of Metro Denver released their first quarter report last week. Average apartment rents had fallen for 3 consecutive quarters last year; but that trend stopped in the first quarter as average rents rose 1.7% or by $24 to $1420 a month. The last time rents dropped in the first quarter was in 2009.
Vacancy rate dropped to 6.1% from 6.4% in the 4th quarter.
Builders added 2,443 new apartments in the 1st quarter, down sharply from the 3,246 added in the first quarter of 2017.
Landlord concessions increased to an average of $81 a month last quarter, up from $64 a month in the 4th quarter