The University of Denver’s Daniels College of Business and Colorado Economic and Management Associates, published by the Apartment Association of Metro Denver, today released the Denver Metro Area Apartment Vacancy and Rent Survey report. For the third quarter of 2014, the average apartment rent for the Metro Denver area was $1,145 per month. This was an average rent increase of $28.37 per unit from the prior quarter. The overall vacancy rate decreased from 4.7% to 3.9% quarter over quarter. The Vacancy rate change is partially a seasonal decline, but also a result of the ability to absorb new units introduced to the market. The net absorption exceeded the total number of new units added, resulting in a vacancy reduction. The net absorption for the quarter was 4,470 units. The rent increase was less than a record increase for the second quarter, but a significant increase on a quarterly basis. The average rent has increased $97 per unit, year over year. Partly influenced by higher priced new units in some submarkets and a low vacancy in others.
“The third quarter absorption yielded impressive results that exceeded the strong second quarter results, demonstrating the desirability of the Denver market, supported by an increase of in-migration, a decreasing unemployment rate, and increased business activity. This year’s total absorption count shows the strength of household formations and desirability of Denver. In 2014, Colorado and Denver have become highly ranked locations by many surveys on business and lifestyle,” said Ron Throupe, PhD, associate professor at Daniels and co-author of the report.
The complete report can be found on the website of the Apartment Association of Metro Denver under “Resources” at: www.aamdhq.org
Founded in 1908, The Daniels College of Business is the top-ranked business college at the University of Denver, one of the country’s premier private universities. Daniels is globally recognized as a leader in providing an immersive and engaged business education. In April 2014, U.S. News’ part time MBA ranking placed the University of Denver’s Daniels College of Business program in the top 80 in the U.S. In March 2014, Bloomberg Businessweek placed the University of Denver’s Daniels College of Business at No. 67 in their undergraduate programs ranking. In November, 2013, Bloomberg Businessweek ranked the Daniels College of Business Professional MBA