Renters in Denver could see a little relief soon thanks to a new report, according to FOX 31. New data from RentCafe and Yardi Matrix indicates new apartments are coming to the Mile High City within the next few months and may stabilize sky-high rent prices.
RentCafe in particular found that the average cost of an 842 square foot apartment is just under $1,900 a month. Around 10,000 new units may be available in the Denver metro area, analysts say.
“So that’s going to begin to diminish the rates — because of the competitive market rates that are going on," Doug Ressler, Manager of Business Intelligence with Yardi Matrix, told reporters. "With more new supply you’ll have more of a competitive advantage from a renter’s perspective, where rents will begin to diminish."
Ressler also says residents could see "significantly" lower rent prices as soon as May or June this year. They don't have exact figures yet since it's all proprietary data as of now.
This is promising news amid sharp hikes in Denver's rental prices throughout the COVID-19 pandemic. One report last year claims some tenants could see as much as $800 per month added to their bills.
We'll have to wait and see if analysts' predictions prove true.