Metro Denver rents drop to lowest rates since 2022
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It's a lucrative time for prospective renters in Denver.
The big picture: Concessions like free rent are piling up, giving renters a shot at scoring better deals as landlords rush to fill their available units.
Case in point: akin Golden Triangle offers what may be the biggest incentive in Denver, with a sweepstakes giving one tenant free rent for a year and another $50,000 if they sign a lease by Jan. 15.
- The Russell in Olde Town Arvada is giving tenants free Epic or Ikon ski passes if they move by November.
- The Adler in Parker offers $750 gift cards if they lease within 48 hours after touring, BusinessDen reports.
By the numbers: Average rents dropped 5% compared to the same time last year, hitting their lowest rates since early 2022, the latest rent report from the Apartment Association of Metro Denver shows.
- Discounts and incentives are prompted by higher vacancies, per the report.
What's next: The trend may not last long. Overall vacancy continues to fall, reaching 6.3% this quarter, the lowest since the third quarter of 2024.