Will new apartments lower Denver area rents this year?

DENVER (KDVR) — Upcoming construction projects should take some pressure off Denver area renters this year.

Rent in the Denver-Aurora-Lakewood area spiked to one of the nation’s most expensive in 2021 and 2022. Prices have been falling lately, however, and the new apartments may deepen a yearlong trend of emptier apartment buildings.

Denver area apartment vacancies have been rising for well over a year through February 2023, along with national rates, but that has not yet translated into substantially lower rent prices.

The market is dealing with distortions sparked by the COVID pandemic. Shortly after the COVID pandemic began, the Denver area vacancy rates plummeted by nearly half. Renters…