Third-quarter rents are slightly down in metro Denver

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New apartments along Downing Street in Five Points. Sept. 18, 2017. (Kevin J. Beaty/Denverite) denver; colorado; denverite; kevinjbeaty; five points; gentrification; residential real estate;

The Denver area's average rents inched down 1.3 percent to $1,465 a month during the third quarter compared to the previous quarter, according to the Apartment Association of Metro Denver.

The trade group's vacancy and rent survey released Tuesday also showed an average vacancy rate of 5.5 percent, down slightly from 6 percent in the previous quarter.

Even with the quarter-to-quarter dip, rents were still up 3.8 percent over the year.

Rents were highest in central Denver at an average of $1,958 and lowest in Wheat Ridge at $1,100.

On the construction side, 2,570 apartments were built during the third quarter, 25 percent fewer than were added in the previous quarter and 40 percent fewer than in the same quarter of 2017.

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