Denver apartment rents increase
According to the Apartment Association of Metro Denver, rents rose 4.5 percent in the first quarter of 2012, the biggest year-over-year increase in a decade. Rents have not risen more than 4.5 percent since the third quarter of 2011, when they increased by 8.7 percent. The most recent uptick in rents may encourage buyers to consider purchasing one of the houses for sale in Denver and trade their rent checks in for mortgage payments.
"Rents continue to increase as demand grows faster than the production of new units," Ron Throupe, professor of real estate at the University of Denver’s Burns School of Real Estate and Construction Management, said in a statement. "Rents often tend to moderate a bit during the first quarter, but this year the rent rose to an all-time high instead."
In addition to the hikes in rent prices, vacancy rates have fallen to an all-time low - decreasing for the past 10 quarters. The fierce competition for apartments and prices may lead people to the MLS listings in Denver for affordable homes.