Denver just joined Seattle in an exclusive club: high demand cities with flattening or falling rents.
"Metro Denver apartment rents leveled off and vacancies rose sharply between the third and fourth quarters after a surge in new supply left more landlords scrambling to fill their units," reports Aldo Svaldi.
That information comes via the Apartment Association of Metro Denver, which included a statement about the "natural forces" of supply and demand when announcing the news.
Svaldi shares more details about the slight market correction:
The drop in median rents wasn't huge — a $7 decline from $1,252 a month in the third quarter to $1,245 in the fourth. The average rent held steady at $1,292 a month.
But in a sign more downward pressure on rents could be coming in the months ahead, the area's apartment vacancy rate surged to 6.8 percent from 5 percent in the third quarter.
The article goes into a lot more detail about submarkets and the implications of the trend for the future of the real estate market in the Denver area.
Read the full story: Apartment vacancy rates in metro Denver surge, rents dip a tiny bit
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