In the heart of Denver, CEO of Cornerstone Apartments, Charlie Hogan, manages a property portfolio that serves nearly 10,000 residents.
Yet, he often feels as though these units are invisible in the data that shape the city’s rental landscape.
“There’s a story that isn’t being told on a true average rent in the city of Denver,” Hogan remarked, expressing frustration over the limitations of the Apartment Association of Metro Denver’s quarterly survey.
The survey, which reports an average monthly rent of $1,843 for the first quarter, excludes buildings with fewer than 50 units, leaving many of Hogan’s properties out of consideration.
His company’s buildings, averaging just 25 units each, feature an average rent of $1,458, with some rents dipping to the $900s.
Hogan acknowledges that while his smaller buildings may not significantly skew the overall average, the data’s implications are consequential, especially for lawmakers who rely on these statistics to guide decisions.
“It’s truly a tale of two stories in the rental market,” he stated, highlighting the contrast between the high-rent, amenity-rich apartments built in the last 15 years and the older, smaller buildings managed by his company.
The area he oversees, which lies between Interstate 70, Sheridan Boulevard, Quebec Street, and Dartmouth Avenue, is populated with compact, aging buildings, many of which lack modern amenities.
“Hogan pointed out that city staff indicated about 20% of Denver’s apartments—approximately 32,000 units—are housed in buildings with fewer than 50 units.
“It’s almost like having 32,000 affordable units in the market not being presented,” he commented, emphasizing the importance of representing these smaller buildings accurately.
Drew Hamrick, the apartment association’s general counsel, acknowledged the absence of smaller buildings in the survey but maintained that their inclusion wouldn’t significantly alter the overall figures.
The association has recently begun breaking down rent data by the decade when the buildings were constructed, which, although limited to larger constructions, still reveals trends – notably that older buildings tend to have lower rental prices.
“He may not track totally what the pre-1970s market’s doing, but I guarantee after he looked through two years worth of quarterly reports…the trend would match,” Hamrick mentioned regarding Hogan’s management of older buildings.
This discussion comes amid changing dynamics in Denver’s rental market.
In the first quarter, the apartment association noted a dip in rents coupled with a rise in vacancy rates—currently standing at 7.7%, up from a decade-low of 4.6% in the third quarter of 2021.
The average rental prices are at their lowest since early 2022, with buildings constructed prior to 1970 seeing rents declining to levels not observed in two years, as vacancies continue to rise.
A significant contributor to this trend is the substantial increase of new apartments entering the market.
Last year saw the completion of 10,544 units, more than double the number of new constructions in 2023, an unprecedented addition to the housing stock, according to Hamrick.
He commented on the reality behind the numbers: “There have been a massive number of brand new units dropped on the market. I mean, historic numbers.”
Although Hogan reports a more stable 4% vacancy across his managed units, he is acutely aware of potential shifts looming on the horizon.
The profile of his tenants is changing, with the average age now at 29, up from 25, and only 17% of renters relocating from out-of-state—a historic low.
These shifts could be indicative of a tightening job market, a crucial factor in the multidimensional housing sector, as both Hogan and Hamrick pointed out.
Safety concerns in Denver’s urban core, where many of Hogan’s units are located, add another layer of complexity to the situation.
Hogan remarked, “It’s kind of the perfect storm,” highlighting the intersections of economic pressures, demographic changes, and safety issues that could further impact Denver’s rental landscape.
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