Metro Denver Rents Still High, But There Are Signs Of Market Cooling

(Photo: CPR/Pat Mack)
<p>Rent prices continue to grow at above-average rates in the Denver area.</p>

Rents for apartments in metro Denver keep breaking records, but a new report suggests the market could be slowing down.

Numbers from the Apartment Association of Metro Denver show rents jumped 2 percent last quarter. That takes average rents to a high of $1,292, but that's only half the increase of the previous quarter.

Renters have another reason to be optimistic: Vacancy rates also ticked up to 5 percent.

The Denver Post reports that slowing job growth and a wave of new apartments could explain why more apartments are unoccupied. Thousands of additional apartments are in the pipeline.

But parts of the metro area aren't so welcoming to renters. Vacancy rates in Wheat Ridge, Castle Rock and some Denver neighborhoods are a fraction of the average for the metro area.