According to the latest assessment conducted by the Apartment Association in Metro Denver, the median rent rates in Metro Denver have increased by 13% year over year for the first quarter, and the average rent rates have risen by 12%.
The median rent rate for all home rentals in Metro Denver costs $1,158 every month for the first quarter of 2015. The rent is $137 pricier compared to the rent for the first quarter of 2014. The average rent has risen to $1,204 per month from $1,073.
Some people expressed their concern regarding the increasing rent rates in Denver. However the report says that there is no need to be alarmed. Compared to other major cities such as San Diego, Los Angeles, Boston and Washington D.C. the rent rates in Denver are moderate.
The report states that the increase in rent is caused by the high influx of people moving to Denver and better paying jobs. Denver property management and houses says the demand will create a healthy competition among new and existing apartment units.
Silva-Markham Partners, a management company in Denver stated that property management companies are pushed to their limits. Markham expressed that there is a need to be more creative and competitive in order to satisfy clients.