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City Cast Denver
Construction Is Booming! Why Aren’t Rents Coming Down Faster?
Jan 6, 2025
Drew Hamrick, General Counsel and Senior VP of Government Affairs for the Apartment Association of Metro Denver, dives into Denver’s booming construction scene. He explains why rents aren’t dropping despite new apartment buildings and discusses the influence of rent-setting algorithms on pricing. The conversation also touches on how recent affordable housing ordinances have drastically affected permit applications for new developments. Drew shares insights on potential future rent increases and the evolving dynamics between landlords and tenants.
33:43
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Quick takeaways
- Despite a record construction of new apartment units in Denver, average rents have only seen minor fluctuations due to supply surpassing demand.
- The rise of rent-setting algorithms has drawn scrutiny for potentially causing higher overall rents and collusion among landlords in Denver's rental market.
Deep dives
Current Trends in Denver Rent
Recent data indicates that average rents for single-bedroom apartments in Denver are experiencing only minor fluctuations, with a reported decrease of approximately $16 per month. Over the last two years, rent growth has been exceptionally flat, with a cumulative increase of only about 1.2% compared to the previous year. This stagnation comes as a surprise to many, given the narrative of skyrocketing rents, but it aligns with the significant increase in apartment units hitting the market. The historic level of construction in Denver, with roughly 30,000 new units added over two years, is primarily responsible for keeping rents steady or even contributing to declines.
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