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Denver’s apartment vacancy rate has increased

Denver property managers announced that the apartment vacancy rate in Denver for the fourth quarter of 2015 was at 6.8%. According to the Apartment Association of Metro Denver, the last time the vacancy rate was higher was last 2009, during the recession. The vacancy rate was 7.7% back then.

The report indicate that the supply of apartments is catching up with the demand. This is good news for renters who have experienced difficulties in finding new homes due to tight vacancy rates. There has been a huge amount of new apartment units added to the supply causing rents to go flat.

Mark Williams, the executive vice president of the Apartment Association of Metro Denver believe that the desire to rent apartments will continue to rise for metro Denver however, apartment managers anticipate a slower rent growth for the upcoming months with sustained higher vacancy rates. Apartment hunters will find it easier to look for apartments with a wide range of options to choose from. Denver continues to provide a strong job market, thus driving a solid population growth.

Jerry Kendall of Multifamily Capital Advisors noted that the older apartments have become more attractive as renters are priced out of the latest and pricier apartment units.

Source: denverrealestatewatch.com