In metro Denver, apartments are a hot commodity. So hot, in fact, that the vacancy rate for apartments in the area has dropped to its lowest point in thirteen years, prompting discussion about new construction for multi-family residences. The Parker movers have learned that rental rates are rising, with current figures ($1,022 on average) about 4.3 percent higher than last year’s data.
Inventory is so tight that some complexes have less than twenty available units–they are almost all at maximum occupancy. Throughout the next two years, there will be 12,000-15,000 new units that will be available. But for now, the number is pretty much fixed. Demand has reached an all-time high as young professionals and other people have moved to the area as economic growth and job growth gain momentum.