Denver’s apartment rental market has significantly shifted due to the pandemic, with a surge in demand followed by an increase in supply. The Denver Post reported a record quarterly decline in average monthly rents, with a $69 drop between the third and fourth quarters of 2024. Rent prices fell year-over-year for only the third time in the past 35 years.
This shift in the market has made it an ideal time for renters in Denver, according to Brian Sanchez, founder of Denver Apartment Finders. With a significant increase in the number of new apartment units added to the metro area, landlords are cutting prices and offering incentives to attract tenants. Some buildings are offering up to 10 weeks of free rent, gifts cards, and free parking.
Residents like Ryan Corbeil have benefited from these offerings, with Corbeil receiving eight weeks of free rent in his new apartment building. The abundance of rental options in neighborhoods like RiNo and Lower Highlands has created a competitive market where landlords are willing to hold units empty for up to 90 days to secure tenants.
Additionally, changes in Colorado law have worked in renters’ favor, with a new requirement stating that landlords cannot demand that prospective tenants have an annual income exceeding 200% of the annual rent cost. Overall, the current rental market in Denver presents a unique opportunity for renters to secure affordable housing in a competitive market.
