The prime reason for the drop: lots of new apartments.
Excerpt:
According to the new
Denver Metro Area Apartment Vacancy and Rent Survey, published by the Apartment Association of Metro Denver, the city's average apartment rent fell from $1,371 in the third quarter to $1,347 in the fourth quarter. It was the largest quarterly drop in the 36 years that the study has been conducted.
In addition, vacancy rates -- which show the number of available apartments and can help illustrate affordability -- increased from 5.1 percent to 6.2 percent, which is a more "healthy" percentage.
How did Denver do it? A total of 9,962 new apartment units were built in the city during 2016, a record-breaking number.
"In 2010, only 498 new apartment units were built in the entire city. Fast forward to 2016 and we're seeing that same number being delivered every three weeks in Denver," said Teo Nicolais, a real estate expert and Harvard University professor quoted in the study. "That's the most apartments we've built during one year in Denver's entire history."
Read the rest
here.
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