Denver apartment rents rise $37 since March, survey says

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Apartments by Union Station. (Kevin J. Beaty/Denverite)

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Multifamily development by Union Station. (Kevin J. Beaty/Denverite)

Home prices may be shooting up, but at least Denver rents are looking pretty consistent this year.

For the second quarter in a row this year, rents rose by about $37, according to the Apartment Association of Metro Denver’s latest Apartment Vacancy and Rent Report. 

That means an average rent of $1,419.74 for metro Denver, according to the report. The median rent is lower, $1,377, because medians aren’t inflated by super high rents.

Considering the average rental discount, which went up again, the average rent increase is smaller anyway, according to the group. Discounts and concessions offered to renters increased by $17 during the same period, the survey found.

“The result is that, on average, renters are paying $20 more per month now than they were in the first quarter of 2017.  That’s an increase of about 65 cents per day,” said Christopher Dean, Vice President of Communications at AAMD in a release.

However, the survey does not indicate whether those concessions are spread across more than high-end buildings.

If you’re looking to pay less than $1,300 or $1,400 a month, embrace the charm of an older building. Rental units in apartments built in the 1970s generally cost more like $1,100, the report says. Contrast that with units built since 2010, which cost closer to $1,800, according to the survey.