Metro Denver apartment rents recovered in the third quarter after falling in the early months of the pandemic as tenants continued to fill the new supply coming onto the market, according to the latest Denver Metro Apartment Vacancy and Rent report from the University of Denver’s Daniels College of Business.
The average monthly rent for an apartment in metro Denver rose from $1,505.71 in the second quarter to $1,521.66 in the third, a gain of $15.95 a month. The year over year change works out to $15.30. Median rents rose from $1,1453.97 to $1,463.34 between the two quarters, which works out to a gain of $9.37 a month.
“These results negate the concern of an apartment market crashing because of COVID-19 effects, albeit certain localized situations are likely,” Ron Throupe, associate professor of real estate at the Daniels College of Business, said in the report he co-authored.
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