DENVER — Average apartment rent prices in Denver have dropped for the first time in years, according to a new report from the Apartment Association of Metro Denver, potentially signaling relief for renters who have faced steadily rising housing costs.

The report indicates that the average rent for an apartment in Denver is now $56 cheaper than it was at this time last year. This decrease coincides with a 7% vacancy rate — the highest the city has experienced in 15 years.

“Over the past six months, I was looking at possibly moving out to a new place, and there was an absurd number of units available all over the city,” said Devin Cordero, a renter who lives near Cheesman Park.

The report attributes this shift to an increase in housing supply, with builders adding over 20,000 new apartments in the metro area over the past 12 months.

Patrick Crean, who has been renting in Denver for five years, has noticed the change. “Recently, it seems like prices have kind of come down or stabilized at least,” Crean said. “I got the renewal, and the price didn’t go up.”

For some renters, this represents a welcome change after years of increases. Cordero recalled that when he first renewed his lease, “it went up by $100. It hasn’t gone up since… thank goodness.”

Not all renters are experiencing the same relief, however. John Rocha, who works as an electrician and is involved in building new rental properties, expressed skepticism about the broader trend. “I’m not seeing any of their prices go down anymore,” Rocha said.

The improved rental market appears to be giving some tenants more leverage. Cassie Derdivanis, who has lived in her current building for over a year, noted a shift in landlord-tenant dynamics. “They gave me the option to renew and negotiate my rent price,” she said. “I lived in New York before, and I never had that option.”

Despite the more favorable conditions for renters, many are choosing stability over potential savings. “I’m pretty happy with what I got,” Cordero said. “No reason for me to move closer to downtown, which is the only place I would want to move to.”

Derdivanis echoed this sentiment: “I feel like the overall experience to move sometimes offsets the feeling that it’s going to be better somewhere else. Would rather just know where I am going to be.”

Even with lower prices and increased availability, moving remains a significant investment of time and money for many renters. “It’s probably not much of a risk. If anything, I probably could have been able to get something cheaper, but moving is a pain,” Crean said with a laugh.
According to the Apartment Association of Metro Denver, if economic conditions remain stable, renters can expect these favorable conditions to continue for another year or two until supply and demand return to a more balanced state.

For now, many Denver renters like Cordero are finding that sometimes “the grass is pretty green” right where they are.

Read the full story on 9News | Author: Colton Chavez