The median rent price in the Denver metro area rose $31.21 in the second quarter to $1,376.
The Denver Post reports that demand is sky high in the Mile High City, as 4,348 apartments were filled last quarter, which outpaced the 2,152 new units that were added. The vacancy rate dropped from 5 percent from 5.7 percent. New construction dropped to 2,152 units, down from 3,246 units in the previous quarter.
Harvard Extension School real estate instructor Teo Nicolais said that high demand means you’re living in a desirable place. “Denver has been discovered, but we should (feel) lucky,” said Nicolais, who lives in Denver. “A lot of cities are cheap to live in, but it’s cheap to live in because no one wants to live there.”