The average rent rose $36 in the first quarter of 2017, according to the report. But when you factor in discounts, it’s actually a smaller increase, the group says.
Discounts and concessions offered to renters increased from $59 to $86 during the same period, the survey found.
“The net effect is that an average renter is paying $9 more now than they were in December, which is basically on par with inflation,” said Christopher Dean, Vice President of Communications at AAMD in a release.
AAMD does expect to see rents increase this year since newer apartments have a higher overall rent — $1,729 for apartment built since 2010. Since 3,246 new apartments were reported in the first quarter of 2017, and there’s more on the way, that will drag average rents higher.
And despite all the building downtown, the vacancy rate there is comparable to northeast Denver or Lowry, according to AAMD. Plus, the average downtown rent, $1,702, is second only to City Park’s average $1,769 monthly rent.
So where should you go if you want the cheapest Denver rents? The AAMD survey says that southeast corner of Denver has average rents of $1,240. Good luck getting one of those apartments though — the average vacancy is one of the lowest in Denver, 4.9 percent.