Metro Denver apartment market maintains its balance in third quarter

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The region’s apartment vacancy rate dropped 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 a month, up $18 or 1% from where it was a year earlier. The median rent was $1,810, up $19 a month from the third quarter of 2022.

Metro Denver has about 120,000 new apartment units on the drawing board. Roughly 48,000 of those units are under construction, 24,000 have a set construction start date but aren’t underway and 48,000 are in earlier planning stages, according to Apartment Insights, which put the report together.Will Kroenke finally build a true game-day experience around the Colorado Rapids’ stadium?

Although rents have been stable over the past year, tenants in metro Denver are still dealing with a 19% gain in rents since 2019,About 219,000 renter households or 52% of the total renting are “cost-burdened” meaning they spend more than 30% of their income on housing. That is up from 49% share of cost-burdened renter households in 2019, according to Apartment List.

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