### Denver Apartment Rents Decline as Concessions Rise
Denver-area apartment and single-family home rents experienced a notable decline in January, recording a 0.4% drop—the largest decrease in the nation, according to Zillow. The typical rent in the Denver region for January stood at $1,918, reflecting a 0.8% fall compared to the same period in 2024.
The decline in rental rates can be attributed to a surge in new multifamily developments. In 2024, the supply of apartments in the Denver metro area expanded by 4.8%, leading to increased vacancy rates and downward pressure on rents. This influx of new inventory contributed to a record $69 decline in the area’s average monthly rent for multifamily properties compared to the previous quarter, marking a 1.5% year-over-year decrease.
Additionally, Denver led the nation in the rise of rental listings offering concessions, with a significant 20.7 percentage-point increase over the past year. In January, 67.2% of rental listings in the city included concessions, far exceeding the U.S. average, according to Zillow’s data.
With increasing supply and rising incentives for renters, the Denver market presents more options and potential savings for those searching for housing.
