That marks the largest quarter-to-quarter drop ever, as well as the biggest percentage drop, says Gordon Von Stroh, a business professor at the University of Denver, who has been tracking apartment statistics for the past 21 years for the Apartment Association of Metro Denver.
The report shows average rent at the end of the first quarter was $805.65, compared with $821.61 in the fourth quarter.
The overall median, or middle rent, shows a similar trend. It was $769.69 in the first quarter, compared with $786.62 in the second quarter.
The overall vacancy rate held steady in the first quarter at 8.7%, which itself was the highest since the second quarter of 1990, when it stood at 9.4%.
But it is certain vacancies would be higher, if not for the incentives landlords are offering.
For example, many owners of new developments will offer as much as three months free rent on a one-year lease, often staggering the rent, so the first, third and fifth months are free, notes Rhonda Hansch, president of the apartment association and vice president of Omni Properties Inc.
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