According to an article in The Denver Post on May 19th, the average apartment rent in Denver was $1,371 last month, up $23 from March and $58 more than the $1,313 in April 2015. It surpassed the high of $1,363 hit in August 2015.
Apartment rents are increasing at a 4.4 percent annual pace. One year ago, the pace was 11.6%.
Occupancy rate was just up slightly to April 94.9% compared to 94.8% in March.
Axiometrics, a research firm, stated that the creation of 43,000 jobs the past 12 months will help absorb the 9,007 new apartments expected to hit the market this year.
“If job growth keeps improving, the apartment market will regain some of the strength it has lost in the past eight months.”
Of the various metro submarkets, rents in the central Aurora market were rising at the fastest pace, 7.7%, followed by Arapahoe County’s 6.9%. Northglenn and Thornton areas were seeing rents rise at 6.7%.
What does this mean for you? If you are renting, isn’t it time you invested in your future? With the various programs through mortgage brokers, many homes’ monthly payment are less than an equivalent rental. Give us a call for a referral to several good mortgage brokers or to discuss how the AdenBell Group can help you own your own dream home. Call us at 303.578.1270 or contact us here.