In Denver: Rents Drop as Record Numbers of Units Enter the Market
"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."