Tenants keep on to battle in excess of a minimal supply of flats in the to start with quarter, pushing up rents by double-digit rates in excess of the earlier year, in accordance to the most recent “Denver Metro Apartment Emptiness and Hire Survey” from the Condominium Affiliation of Metro Denver.

Apartment hire payments in metro Denver averaged $1,765 a month in the initially quarter, up 3.3% from the fourth quarter average and 14.4% over the earlier calendar year, according to the study, which is carried out by the College of Denver’s Daniels School of Organization and Colorado Financial Management Associates.

In dollar terms, typical rents are up $56.94 in the quarter and $222.02 more than the earlier yr. The condominium vacancy level remained at 4.3% in the 1st quarter, in which it was in the fourth quarter. A yr ago, the emptiness fee was 5.5%.

“Across metro Denver, we’re looking at a report amount of programs for rental housing, and we really don’t have sufficient models to meet up with that demand,” mentioned Drew Hamrick, senior vice president for governing administration affairs and typical counsel for the AAMD, in the report. “The important to housing affordability is housing offer.”

In the course of the quarter, developers introduced 1,936 new apartments on to the industry, a lot less than a 3rd of the outsized 6,282 flats shipped in the fourth quarter. That brought the whole variety of residences in metro Denver to 384,257.