Denver rents skyrocket, highest in more than a decade

Denver rents increased markedly during the year ending in June.

Residential lease rates in the Denver area improved significantly during the year ending in June, which brought overall prices to the highest rate in 11 years, according to a joint report from the Apartment Association of Metro Denver and the Colorado Division of Housing.

Commercial property managers witnessed the average rent for an apartment in the Denver metropolitan statistical area increase by 7.1 percent during the period. This was helped by a gradual decline in vacancy rates, which dropped to 4.8 percent during the second quarter. This was comparable to levels in the fourth quarter of 2001. During the first quarter, the figure was 4.9 percent.

"You have to go back to the days of the dot-com boom to see lower vacancy rates than what we're seeing right now," said Ryan McMaken, spokesman for the Colorado Division of Housing. "The demographics point toward growing demand, and even though developers are looking to build new units, not that many units have been delivered yet."

The report added that Douglas County had the highest rents in the region, with an average of $1,131.

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