The Denver metro area posted one of the biggest annual rent increase percentages in the nation in 2011, a rise that continues a trend begun in 2010, according to national rental research firm.
According to a report issued Thursday by the Texas-based MPF Research, rents in Denver rose by 6.7 percent in 2011, the eighth largest annual rent increase percentage in the nation. An October 12 report on the Denver rental market by MPF Research predicted that rental prices would rise by at least 6.5 percent.
The percentage of increase in rent prices in Denver placed it behind San Francisco, the city with the biggest increase 14.6 percent, followed by San Jose, California (12.3 percent).
Rent increases occurred in almost all communities in the Denver metro area. According to MPF Research’s October report, increases in the Denver Tech Center area reached 8.6 percent, 7.5 percent in Littleton, 7.0 percent in south Aurora, 6.9 percent in intown Denver, 6.8 percent in south Denver and west Englewood and 6.8 percent in north Aurora. Only Westminster and Arvada/Golden posted rent price increases below 3.0 percent.
From March to September, rent increased in Denver by 5.6 percent and overall, the rent increase percentage in Denver was the largest of the past decade outside of 2007.
MFP Research said the rental market in Denver and other metro area should continue to increase in 2012 and predicted that occupancy will grow by another half a percentage point and rents will rise by at least 4.5 percent.
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