Apartment rents in Denver soar to record high

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DENVER -- A survey by Axiometrics released this week shows apartment rents in the Denver metro area soared to record highs in April.

The average apartment rent in the metro area was $1,371 in April, a $23 increase from March and $58 more than in April 2015. The previous record high was $1,363 a month in August 2015.

Axiometrics said Denver is seeing a 4.4 percent annual increase, but that is down from the 11.6 percent pace last year. There was a 94.9 percent occupancy rate in April, up from 94.8 percent in March but down from 96.1 percent in April 2015.

Axiometrics found rents in central Aurora were increasing at 7.7 percent, followed by Arapahoe County at 6.9 percent, and Northglenn and Thornton at 6.7 percent.

For Denver residents, the news is not a surprise. Many have been dealing with increases in rent for years.

“It’s definitely been tough. Prices have been increasing over the last few years,”  Denver renter Vy Nguyen said.

Nguyen estimates his rent has increased close to $500 over the past five years.

“It’s definitely frustrating," he said.

At the University of Denver, a summit took place to address the high housing cost. Rick Padilla, director of Housing and Neighborhood Development, said he is not necessarily surprised with the record rent.

“Construction costs continue to escalate, land costs continue to escalate and our population continues to grow,” Padilla said.

Padilla said the goal of the summit is to create achievable goals that focus on improving conditions for all economic classes. After all, the middle class is increasingly impacted as well.

“It’s getting so expensive, how can we make everyone understand this impacts all of us,” Padilla said.

AlertMe
Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.