Average apartment rents in the Denver metro area have climbed 40 to 50 percent over the last five years, but relief is on the horizon, according to industry professionals.
"I think relief is on the way with all the supply that's being built," said Cary Bruteig, with Apartment Appraisers & Consultants. "I think it depends on where you are whether that's in the next 12 months or two years, but I think we're near the end of these big rent increases."
Bruteig said 20,000 apartment units are currently under construction with 20,000 more in the planning stages.
The average rent for a two-bedroom apartment in the metro is $1,390 a month, but in the heart of Denver, we found a brand new one bedroom going for $1,700.
Nancy Burke with the Apartment Association of Metro Denver said even now she's seeing signs that rents are beginning to become more competitive.
"We're seeing concessions coming into the market, and what that means is we're seeing property managers in the Denver metro area offering one month free rent, "Burke said. "So it's a sign, its an indicator in our industry that rents are stabilizing."
Burke also said that the vacancy is four percent which equates to about 25,000 available apartments in the metro area.
"They might not be exactly in Denver, a little further out, but there are places for people to look," she said.
Renters realize soaring prices are growing pains of a thriving economy, but say they still hurt.
"I'm just bummed that they are that high," said renter Atchara Phanpaktra. "But I'm excited that Denver is growing."
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