DENVER (KDVR) — Those looking for a place to rent in the Denver metro have some good news, as the average price of rent is at its lowest point since 2022.

The most recent Vacancy & Rent Report released on Tuesday from the Apartment Association of Metro Denver showed that rent has decreased from the same point last year, marking the third year of the last four that rent has decreased.

Rent has decreased by 5% from 2024, and renters are seeing historic deals with a 5.8% concession percentage, which is the highest since 2010, according to a press release from Apartment Insights.

“Rental concessions are discounts and incentives that property managers use to attract or retain residents,” said Mark Williams, AAMD executive vice president, in the press release. “It’s good news for (soon to be renters) to see so many opportunities. Several communities are offering great discounts, including a few weeks of free rent on top of falling rates. It’s truly the best time for new renters to move into an apartment.”

Although the rate is promising, it may not last forever.

“The number of new apartments under construction continues to decrease from its peak in mid-2023,” says Scott Rathbun, the researcher with Apartment Insights. “This should lead to fewer units available in the coming quarters and continue this downward trajectory in vacancies. As vacancy continues to fall, it appears the peak has been reached.”

Across the metro, Boulder and Broomfield have the lowest vacancy rate at 5.1%, while Arapahoe County has the highest at 7%.

The report indicates that properties built in the 1990s held steady at the lowest vacancy of any decade at 5%, and apartments built in the 1970s or earlier saw the largest drop in vacancy at 7.4%.

Properties built in the 2020s and 1970s had the biggest decrease, $36 and $21, respectively, from last quarter.

During the third quarter, 3,812 new apartments were added, bringing the year’s total through three quarters to 12,243 new units.

The total number in the Denver metro now sits at 446,708.

Apartment Insights collected data from 251,363 homes.

Read the full article: KDVR.com  | written by | Image by: Hart Van Denburg/CPR News