Denver apartment rents appear to be falling

November 11, 2016 / Posted in Denver, Real Estate

Nov 1, 2016, Ben Miller

 

Two reports released this week seem to indicate that rents in Denver appear to be falling.

The first, put out by San Francisco-based apartment app Zumper, indicated prices for one-bedroom apartment rentals in Denver have fallen 3.1 percent over the past year, and Denver is no longer on the list of the nation’s 20-most expensive rental markets.

The median rent for a one-bedroom apartment in Denver is $1,260 monthly, according to Zumper.

The second report, put out California property management software company Yardi Matrix, indicates that Denver rents are dropping “swiftly.”

In the past three months, Denver rents have fallen by 0.6 percent. Only San Francisco (down 1 percent) and Seattle (down 0.8 percent) saw bigger declines over the past three months.

“These markets were among the leaders in rent growth earlier this year and have suffered from some combination of too much supply, particularly on the high end; rents growing faster than most tenants could reasonably afford; and a slowdown in job growth,” the company said in a statement.

http://www.bizjournals.com/denver/news/2016/11/01/denver-apartment-rents-appear-to-be-falling.html?ana=e_me_set1&s=newsletter&ed=2016-11-01&u=RDWaDYHkPTYrMT%2B1%2B7oqIg03dcc4b4&t=1478010432&j=76316731