For long-suffering tenants, rent relief may be finally on its way. Average apartment rents in metro Denver fell more in the fourth quarter than they did during the worst of the dot-com bust, the Great Recession and even the early months of the pandemic, with more declines likely as new units pour out into the market this year, according to an update Tuesday from the Apartment Association of Metro Denver.
“Our market is seasonal, so it is not unusual for rents to fall this time of year,” said Cary Bruteig, owner of Apartment Insights and the report’s author. But the decline between the third and fourth quarters has averaged 45 cents, he said, so the $32 decline was extreme. A big reason for the rising vacancy rate is that developers delivered 10,992 new apartments last year, of which only 6,993 apartments were occupied or filled with a tenant. That absorption rate is at a seven-year low. More than 76,000 apartments are planned in the region with 40,000 in some stage of construction. Between 8,000 to 12,000 are expected to land this year, Bruteig said.
Don’t get y’all’s hopes up. It’s not like it’s a significant amount. Rent is still nearly 200% what it was 10 years ago.
Is this satire?
Apartments don't actually drop their lease price do they?
A blue town with a blue newspaper in an increasingly blue state. To them, this is real progress.
A portly English lady with a pixie cut exposing her ears 👂to the world marches forth oh wait it’s only josh WORD VOMIT! That’s what he used to always say. Stream of consciousness or something like that is now word vomit because of what Wolfe? What a poseur! Get out of my hair!
👋 did you know that the first person diagnosed with anorexia nervosa ever was Saint Katherine, the patron saint of students? She sounds ugly don’t you think? Kill her by manslaughter nudge nudge m’eye right? clicks tongue 🐎..giddy
$32.00 !!!! WOW !!! Enough for a dozen eggs ,one loaf of bread ,and a jar of peanut butter .
You are not trying to make this out to be a win... are you?
congrats! Y'all can now add hotdogs to that Mac N Cheese you've been eating every night.
HOO BOY time for a shopping spree, Denver renters!
😂😂🤣
Doesn't seem like that much but, yay?
🤣🤣🤣🤣🤣🤣
Keep dropping in price! It's cold outside 🤧