DENVER (AP) - Average rents in Colorado hit a new high in the first quarter of 2014.
The average rent of $1,026 a month was up 8 percent from the first quarter of 2013. That's according to numbers released Wednesday by the Colorado Division of Housing.
Officials say the increase was particularly evident in northern Colorado and metro Denver, where job growth and demand for apartments outpaces construction.
Among metropolitan areas, Fort Collins had the highest average rent at $1,216. Pueblo had the lowest average rent at $595.
In the Fort Collins-Loveland market, vacancy rates hit a 13-year low of 1.7 percent in the first quarter. The statewide rate was 5.2 percent.