Average rent for Denver metro area tops $1,859/month

Rents in the Denver metro area continue to rise, an average of $93 per month. According to researchers at the University of Denver's Daniels College of Business in partnership with the Apartment Association of Metro Denver, rents in the area are increasing along with the rest of the U.S. 

They found the average rent for the Denver metro area is $1,859.51, an increase of $93.75 from the last quarter.

"The second quarter is typically the strongest quarter for rent growth," said Ron Throupe, report author and associate professor of real estate at the Daniels College of Business in a statement. "This period is when most moves are made by families and individuals. This leads to a seasonal demand scenario and a positive rent effect of early summer with renters looking to migrate to the metro area or relocate from within."

The report also shows little change in the vacancy rate, with more than 4,000 new units added to the inventory this quarter. 

"These results are coming off last year 2021 where a record of 19,353 net units were absorbed," Throupe said in a statement. "There is always a concern that new unit production will outpace demand, accented by the amount of visible growth on the Front Range over the last seven years. This phenomenon has yet to occur as migration, job growth and reopening's continue, wage increases, coupled with limited homes for sale has supported apartment demand. We will monitor for changes going forward."