According to recent data shared in the Denver Post, the average rent in the area for apartments rose $63 in 2013 over 2012, bringing current rental rates to about $1,041. Apartment vacancy rates have increased as thousands of new apartments have been hitting the market following construction booms for residential multi-family housing options. The average rent rose in all counties measured in the fourth quarter. The largest increases were found in Denver County and the Boulder/Broomfield area, where average rents grew by 8.1 percent and 8.6 percent, respectively.
Analysts for the Colorado Division of Housing and the Apartment Association of Metro Denver placed the blame on the migration of well-paid single people who want to move to nice apartments, such as those being built around Union Station and downtown Denver. Moving to Denver has become popular for a wide variety of ages, and the area has become extremely appealing for young professionals. To meet with continued demand, there are 10,000 to 12,000 apartments currently being built in the metro area. The units will be slowly absorbed in the next two to three years.