2021 First Quarter Denver Metro Apartment Vacancy and Rent Report
Researchers at the University of Denver’s Daniels College of Business released the first quarter Denver Metro Apartment Vacancy and Rent report for 2021. The average rent increased to an overall average rent of $1,543.59, from $1,510.26 for an increase of $33.33 from the fourth quarter results. The market showed an overall quarterly decrease in vacancy to 5.5% from 5.8%, with a year-over-year decrease of 0.4% from 5.9%.
“The first quarter is historically the quarter where we tend to see the start of rent increases for the year, resultant of move outs associated with home buying and location changes,” says report author Ron Throupe, associate professor of real estate at the Daniels College of Business.
Ron Throupe
The year-over-year change from first quarter 2020 ($1,535.70) results in a yearly increase of $7.89. Median rent increased from $1,449.01 (in the fourth quarter of 2020) to $1,483.28 for a positive change of $34.27. Year over year, there was a median rent increase of $7.85.
“The year-over-year results underlie that the Denver market rent growth, which has been slowing since 2016, had a percentage change of 0.5% for the year. This is less than inflation measurements, emphasizing that quarterly rent increases, when put in perspective of seasonal changes versus yearly changes, show potential for wage increases to outpace rent growth,” Throupe says.
The Denver Metro Area Apartment Vacancy and Rent Survey is conducted by the University of Denver’s Daniels College of Business and Colorado Economic and Management Associates. It’s published by the Apartment Association of Metro Denver.
For interviews with Ron Throupe, please contact Kristal Griffith at kristal.griffith@du.edu. To obtain a copy of the Denver Metro Area Apartment Vacancy and Rent Survey report, please contact Christopher Dean, vice president of communications for the Apartment Association of Metro Denver, at 303.329.3300, or visit www.aamdhq.org.