DENVER - Rent in the Denver metro area rose to an average of $992 during the beginning of 2013 - that's the highest rate in the city's history.
"Rent growth is solid, and even when adjusted for inflation, the average rent almost to a nine-year high," Ryan McMaken, an economist with the Colorado Division of Housing, said in a news release.
As rent grew, vacancy rates declined, falling from 4.9 percent at the end of 2012 to 4.6 percent at the beginning of 2013. Those are the second lowest vacancy rates since 2001, according to a report released Monday by the Apartment Association of Metro Denver and the Colorado Division of Housing.
As a comparison, Minneapolis, which has the lowest vacancy rates in the country, reported a 2.5 percent rate in 2012, according to Forbes.
Average rent rose in all counties except Adams County. The largest increases were found in Douglas County and in Boulder, where the average rent grew by 6.9 percent and 7.4 percent a year.
The average rents for all counties were:
While rent in Denver might be its highest ever, it still doesn't compare to notoriously expensive cities like New York and San Francisco, where rent averages $2,902 and $1,901, respectively.