Denver-area apartment/single-family house rents fell .4% in January, the largest monthly decline in the nation, according to Zillow. The typical January rent in the Denver region was $1,918, a 0.8% decrease from January 2024.

The number of new multifamily properties that came online in the Denver metro area last year led to higher vacancy rates and lower rent costs at apartment buildings. The supply of apartments in the Denver metro area increased by 4.8% in 2024. The flood of apartments led to a record $69 decrease in the area’s average monthly rent for multifamily properties to the previous quarter, marking a 1.5% decrease from the previous year.

Denver also led the nation in its annual increase in the share of listings offering renters concessions, which jumped 20.7 percentage points year over year. In January 67.2% of rental listings in Denver included concessions, Zillow found — a far higher rate than the U.S. average.