The number of apartments in Denver has skyrocketed. Meanwhile, the cost of rent is plummeting. Expect to hear this example cited by YIMBYs many times in the coming months.
"Average apartment rents in metro Denver fell for the second quarter in a row in the fourth quarter of 2016 as the market struggled to absorb a record number of new units," reports Aldo Svaldi.
That information comes via the "Denver Metro Area Apartment Vacancy and Rent Report," as provided by the Apartment Association of Metro Denver.
"Average apartment rents fell from $1,371 in the third quarter to $1,347 in the fourth quarter, marking the largest quarterly drop in the 36 years the report has been conducted," according to Svaldi's explanation of the report.
The drop in rental prices coincides with a record setting year for housing construction. According to the report, 9,962 came into the market in 2016, "the highest total ever constructed in metro Denver in a year."
FULL STORY: Metro Denver apartment rents drop for second quarter
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Eagle County Government
Harvard University Graduate School of Design
Nashville Planning Department
The Architects Foundation
University of Cincinnati Online
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello
Journal of the American Planning Association