The metro Denver housing market remains balanced in the third quarter

Apartment rents rose 1% in metro Denver last year, and the vacancy rate remains steady. However, at 48 thousand housing under construction balance may not last long. (Matthew Jonas/photographer)

The Metro Denvers apartment market remained stable in the third quarter, with both rents and vacancy rates remaining essentially unchanged, according to the Apartment Association of Metro Denver’s quarterly update.

The region’s apartment vacancy rate fell to 5.4% in the third quarter from 5.5% in the second quarter, despite the addition of 2,812 new apartments.

The average rent was $1,888 per month, an increase of $18, or 1%, from the previous year. Median rent was $1,810, an increase of $19 per month from the third quarter of 2022.

The market was stable throughout the third quarter, with steady vacancy and rent rates, said Mark Williams, executive vice president of AAMD, in a commentary accompanying the report. With the vast majority of costs rising all around us, keeping rental rates steady is good news for tenants.

Smaller rent increases should ultimately help lower the overall consumer inflation rate, which was 5.4% annually in metro Denver in September, according to the U.S. Bureau of Labor Statistics.

The average rent in Adams County was $1,725 ​​per month; $1,795 in Arapahoe County; $2,009 in Boulder and Broomfield counties; $1,924 in Denver; $2,044 in Douglas County; and $1,910 in Jefferson County.

Metro Denver has about 120,000 new apartments on the drawing board. According to Apartment Insights, which prepared the report, about 48,000 of these apartments are under construction, 24,000 have a set start date for construction but have not yet started, and 48,000 are in earlier stages of planning.

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