(The Center Square) – Renters in Denver are paying less and have more apartments to choose from, according to data from the Apartment Association of Metro Denver.
Vacancy levels increased throughout the Denver metro area during the fourth quarter of 2023, up 0.4% to 5.8%. Average rents declined 1% during the quarter, averaging $1,870 a month, while median rent was at $1,785.
According to the trade group, the research shows the housing market is stable as the quarterly decrease follows a trend of relatively flat rent increases during the last two years. “In a landscape where most costs are on the rise, this reduction in rental rates, albeit small, is a positive development for renters,” Mark Williams, executive vice president for the Apartment Association of Metro Denver, said in a statement.
Five counties showed a decrease in vacancy rates while two counties showed increases. Adams, Denver and Douglas counties had