Denver MF Rents Shatter Previous Record

Average Denver-area multifamily rents reached an all-time high in April, according to apartment and student housing research company Axiometrics. The average Denver renter paid $1,371 per month for an apartment, beating out the $1,363 set in August of last year.

The Mile High City’s annual effective rent growth of 4.4% also out-performed that of the national average by 46 basis points, though was lower than the 11.6% reported in April 2015. Occupancy was 94.9%.

“Denver job growth has turned around, with almost 43,000 jobs added in the past 12 months,” said Stephanie McCleskey, Axiometrics vice president of research. “That will help absorb the 9,007 new apartment units that Axiometrics has identified for 2016 delivery.”