Denver Apartment Rent Growth Decelerates
Apartment rents aren't rising nearly as fast in Denver as a year ago, according to data released by Yardi Matrix. In August of this year, average rent growth was 3.5% year-over-year; in August of last year, the growth was 11%. The growth for Denver apartment rents is now below the national average, which is 5%.
Rents in Denver and other tech-oriented cities like San Francisco aren't rising as quickly as they once were, perhaps an indication such growth is unsustainable. That, and the large pipeline of multifamily projects recently completed and on the way.
More apartments are certainly coming into the Denver pipeline, according to the Denver Business Journal, citing Yardi. Denver's had 6,200 new apartments open so far this year, with 5,500 more expected by the end of the year. [DBJ]