Metro Denver apartment rents rose in January, snapping a five-month streak of month-over-month declines, according to a new report from Axiometrics, a Dallas-based multi-family housing research firm. The increase wasn’t huge, just $6 a month, bringing the average effective rent, which includes discounts, to $1,365 a month in metro Denver. Rents rose at a 2.7-percent annual pace in January, an increase from December’s 2.3-percent pace. Nationally, apartment rents rose 2.2 percent last month. The apartment occupancy rate in metro Denver remained unchanged at 94 percent, the same level seen in December, but down from the 94.3 percent of January 2016, according to Axiometrics. Stephanie McCleskey, vice president of data acquisition for the firm, said in the monthly report that employment gains continued to run strong in metro Denver last year at 44,800, allowing the market to absorb new apartments. Apartment construction is expected to ramp up this year, adding to the pressure … [Read more...] about Denver rents start 2017 by moving higher, snapping a five-month streak of declines
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Apartment rents slid a little and vacancy rates rose as metro Denver absorbed a historically large number of new apartments during the third quarter, according to a market update Wednesday from the Apartment Association of Metro Denver. The metro area has added 9,713 new apartments in the first nine months of this year, a 35 percent increase from the same period in 2016, which was a big year. Of this year’s new supply, 4,315 units came online in July, August and September. “It’s equivalent to completing a new 48-unit apartment community every day for three months straight. That’s great news for a city struggling to keep up with demand for housing,” Teo Nicolais, a real estate instructor at the Harvard Extension School, said in a release accompanying the report. The metro area will easily smash through the 10,000 new units mark this year, the first time that has happened in more than three decades, said Nicolais. “We are going to hit the supply crescendo,” said the report’s … [Read more...] about Modest relief for apartment dwellers: Metro Denver rents slip as new units flood market
The House passed a sweeping election reform and voting rights bill mostly along party lines on Wednesday in a 220-210 vote. The For The People Act, better known as H.R. 1 — has been a top priority for Democrats, who argue restoring voters’ faith in the electoral process is more important than ever after former President Trump Donald Trump House passes voting rights and elections reform bill DEA places agent seen outside Capitol during riot on leave Georgia Gov. Kemp says he'd 'absolutely' back Trump as 2024 nominee MORE repeatedly asserted unfounded claims the election was stolen. Not one House Republican supported the measure while House Homeland Security Committee Chairman Bennie Thompson Bennie Gordon Thompson Lawmakers line up behind potential cyber breach notification legislation NAACP president accuses Trump of having operated under 'white supremacist doctrine' Lawmakers blame SolarWinds hack on 'collective failure' to prioritize … [Read more...] about House passes voting rights and elections reform bill
Rents in Denver have fallen during the pandemic, according to a recent market report, but that doesn’t mean apartment developers are any less keen on a city that was a hot spot for rent growth before COVID-19 came calling. In fact, the number of would-be apartments in the planning pipeline for the metro area hit a record 46,000 in December, according to Denver data firm Apartment Insights. The X Company, the Chicago-based developer behind the X Denver apartment tower that is inching toward completion after nearly three years of construction just north of Coors Field at 3100 Inca St., embodies that enthusiasm for the Mile High City even in the face of shifting consumer preferences. X Denver offers traditional studio and one-bedroom apartments inside its 12-story, 455-apartment frame, but the X Company also allows people to rent individual bedrooms with private bathrooms in two-, three- and four-bedroom “co-living” apartments with shared kitchens and common areas. Tenants can … [Read more...] about The X Denver apartment building is all about shared community space. Will it and other new projects succeed in the pandemic?
Are apartment developers hitting the accelerator as a cliff of demand approaches or are they simply trying to keep up in a housing market that continues to defy expectations ? Metro Denver should see another 12,000 apartments come on the market in 2018, continuing a long and unprecedented streak of multi-family construction, said Greg Willett, chief economist with RealPage, a real estate technology and analytics firm. Builders delivered 10,854 new apartments in metro Denver last year, and tenants soaked up 10,201 of them, keeping the occupancy rate stable at 94.3 percent, according to RealPage. RealPage estimates apartment rents in metro Denver rose 3.2 percent in 2017, the 15th-fastest gain in the country and ahead of the U.S. gain of 2.5 percent. The company puts the typical monthly rent at $1,404 in metro Denver. The new supply should keep landlords and managers busy attracting tenants and also dampen any rent spikes. “It could be tough for property owners and … [Read more...] about Metro Denver expects another 12,000 apartments to come on the market in 2018