A lot of new building late last year raised the number of available units and drove down rents, but only a little. The median rent in the Denver area fell only about $7 between the third and fourth quarters of 2015, according to the Apartment Association of Metro Denver. That means renters are still paying an average of about $1,300 a month.
Builders added some 1,600 apartment units, mainly aimed at higher-paying renters. That left more units going unrented in some spots, including northwest and downtown Denver, and parts of Boulder and Douglas Counties. Available apartments are still scarce in southwest Denver and the adjacent suburbs of Englewood and Sheridan.