Rent concessions at 15-year high, apartment association says

Concessions like free rent at Denver-area apartment buildings have hit a 15-year high, according to the Apartment Association of Metro Denver.

“It’s a perfect time to move out of your parents’ home,” AAMD Executive Vice President Mark Williams said at a news conference Tuesday.

The city’s apartment vacancy rate was 6.6% in the third quarter, down 0.4% from the second quarter but up 0.8% compared with this time last year, according to the association. Denver’s average rent, $1,832 a month, is the lowest since early 2022.

“Its almost 10% cheaper to rent an apartment [now] than it was last year,” said Scott Rathbun, of local research firm Apartment Insights.

BusinessDen reported last week that landlords are offering sky-high concessions amid a historic increase in supply at the same time