By Mark Daniel, Colorado Real Estate Journal

We’re all aware of what seems to be a building frenzy in the apartment sector in Denver, accompanied, until recently, by strong rent growth. According to the latest report from apartment data provider Axiometrics, “Denver had a similar (to San Francisco) end to 2015, finishing with its lowest year-to-date rent growth of the recovery – though 5.6 percent was fairly robust,” it said. “Things were looking the same through the first two months of 2016, with negative YTD rent growth in January, though a strong March rebound moved it out of the post-recession basement.”

And here are some nuggets from the quarter-one market performance summary on the Denver, Aurora and Lakewood metropolitan statistical area:

• The market’s annual rent growth rate was above the national average of 4.1 percent.
• The market’s occupancy rate decreased from 94.7 percent in fourth-quarter 2015 to 94.5 percent in first-quarter 2016.
• As of April 10, Axiometrics identified 9,056 apartment units scheduled for delivery in 2016, of which, 1,958 have been delivered. As a comparison, there were 9,197 apartment units delivered in 2015. Properties delivered to the market in the last 12 months achieved an average asking rent of $1,816 per unit. Effective rent has averaged $1,753.

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