Construction Is Booming! Why Aren’t Rents Coming Down Faster?
If it seems like Denver’s skyline has been full of cranes lately, it’s not just you. The city has seen record construction of new apartment buildings over the past two years. But according to data from CoStar and the Apartment Association of Metro Denver, the average rent is either stagnant or falling slightly by $16 per month. So today we’re trying to understand what’s happening in the local rental market by talking to the landlords directly: Drew Hamrick is the general council and senior VP of government affairs for the AAMD, which means he’s the chief advocate for local landlords at the state capitol. We’re talking about why landlords aren’t dropping rents faster, the recent White House report on rent-setting algorithms, and why he thinks rents could skyrocket in the next couple years.
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