This spring, the average rental rate in the Denver area dropped by $360 compared to the same time last year, according to a quarterly survey by the region's apartment industry association.
The Denver Post reports that vacancy rates held steady at 5%, and that the Denver area last saw a similar decrease in rents 11 years ago. The Apartment Association of Metro Denver has begun asking questions about the COVID-19 pandemic in its survey, and reported that 95% of tenants are current on their rent payments.
“We went into April with the prediction that it would be pandemonium and that didn’t happen,” Drew Hamrick, senior vice president of government affairs, according to The Post. “We are not experiencing a crisis of evictions.”
Since 2001, there have been between approximately 36,000 and 50,000 evictions annually in Colorado. The state’s current unemployment rate is 10.5%. However, the percentage of people who are late on their rent payments varies by the income bracket of the tenant. Low-income tenants are more likely to be delinquent on rent.
“We are working with all of the families on a payment plans,” said Stella Madrid with the Denver Housing Authority. “We’re in the business of housing, not in the business of evictions.”