Denver rents dropped for the first time since 2010

[James Carlson]

Anyone else read the Denver Post article last week about average rent prices in Denver dropping for the first time since 2010? Looks like the average price to rent an apartment in the Denver metro area was $1506 from April through June. That's $30 cheaper than the same period last year.

Before tenants get too excited about some trend, it seems worth noting that a global pandemic fueled fears of losing tenants and likely fueled a drop in prices. (I know we dropped our prices a touch just to be sure we got someone in during these months.) We'll probably see the next quarters' numbers down a touch as well. The question is whether that will sustain after Covid, or if this is purely a virus-related drop. 

[Joel Beutel]

Average home price in 1980, in the US, was $47,200. Mortgage rates in 1980 topped out at 18.45%, which leads to a $729 payment.

The early 1980's saw people paying 30% of income to rent and represented a high water mark. Not too much has changed.

Just fact checking.