Apartment rents in metro Denver fell for the third month in a row in October, according to a new report.

According to apartment housing research company Axiometrics, Denver-area renters are paying $31 per month less than they were paying in July.

The average rent in the Denver area is $1,381 in October, up 1.8 percent from October 2015. Nationally, rents have gone up 2.6 percent over the past year.

“The competition among properties is starting to affect rent levels as more and more units come to market. However, the decline is not as severe as it was last year, which is why annual effective rent growth increased in October after four months of decreases,” said Stephanie McCleskey, vice president of research for Axiometrics, in a statement.

Read more at the Denver Business Journal: http://bit.ly/2fJ3BzN