DENVER — Apartment rents in the Denver metro area continue to fall, according to a report.
Axiometrics said the average rent in the Denver area was $1,381 in October, up 1.8 percent from the same month last year but down $31 a month since July. It was the third consecutive month that rents have fallen in the market.
Rents are up 2.6 percent nationally over the past year and the average national rent was $1,285 last month.
“The competition among properties is starting to affect rent levels as more and more units come to market. However, the decline is not as severe as it was last year, which is why annual effective rent growth increased in October after four months of decreases,” said Stephanie McCleskey, vice president of research for Axiometrics.
Axiometrics said occupancy was at 94.4 percent in October, down from 94.7 percent in September.
Axiometrics said the Denver-far southeast market had the biggest rent growth last month at 5.6 percent, followed by the Aurora-central-southwest submarket at 5.5 percent.