The average rental rate for an apartment in metro Denver increased to $1,382 per month in the first quarter of 2017, up 5 percent from the same period of 2016, when rents averaged $1,315, according to the Apartment Association of Metro Denver.

The vacancy rate dropped to 5.7 percent in the quarter from 6.8 percent a year ago even as new apartments were completed. In the first quarter, 3,246 new units were completed, but net absorption, or how many units were leased in the quarter, was 4,664 across the metro area.

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