Denver Rent Plunges as 20,000 New Units Flood Market

Denver apartment rents have fallen 3.7% year-over-year in Q2 2024, marking the first sustained decline in 15 years. A surge of approximately 20,000 new units has created a surplus, forcing landlords to lower rents to attract tenants. Average rent is $1,832 per month, similar to three years ago. While spring typically sees a rent increase, this year's rise was minimal at 0.7%. The vacancy rate stands at 6.4%, though it varies across counties. Landlords are also offering concessions like free rent. The pipeline of new construction is slowing, potentially paving the way for future rent increases.