According to a new report, Denver’s average apartment rent went from $1,371 in Q3 to $1,347 in Q4 last year, the largest drop ever recorded. Vacancy rates increased from 5.1 percent to 6.2 percent during the same timeframe.
Curbed reports that Denver built a record-breaking 9,962 new apartment units in 2016. The city had been dealing with an affordability crisis. For comparison, only 498 new apartment units were constructed in the city in 2010.
It’s not the same story for home prices, however. During 2016, the Denver Metro Association of Realtors says the median price of single family homes in Denver increased by 8.5 percent to $337,450. That’s due to a historically low supply of housing stock that’s helping to drive prices up.