After years of soaring demand and limited supply, Denver-area apartment rents are experiencing a significant decline. Average monthly rents fell by $69 (3.6%) between the third and fourth quarters of 2024, marking the largest quarterly drop on record. This trend offers renters a rare opportunity to secure affordable housing in the competitive Denver market.
DENVER — Demand for Denver-area apartments shot up during the pandemic. But now, years later, supply has caught up.According to our partners at The Denver Post, between the third and fourth quarters of 2024, average monthly rents in the metro area fell $69 , the largest quarterly rent decline on record. Rent fell year-over-year for only the third time in 35 years.Brian Sanchez, founder and owner of Denver Apartment Finders, said now is a great time to be a renter in the city.
I mean, we have 13 properties in RiNo alone that are offering crazy free rent incentives right now, $1,000 gift card, four weeks free , six weeks free, eight weeks free, 10 weeks free.”Ryan Corbeil moved into his new apartment building last week and got eight weeks of free rent. That’s something he couldn’t have imagined during his last move in Denver four years ago, when he was 25 minutes from downtown.“Now I'm able to be in RiNo, a really hot, new, fun destination,” said Corbeil.
RENTAL MARKET DENVER APARTMENTS AFFORDABLE HOUSING RENT DECLINE COMPETITIVE MARKET
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