Not surprisingly, the ongoing lack of vacancies in this unit has led to a general increase in the average rent since 2011. In the second graph, we see that the general upward trend in average rents extends to houses, townhomes, and condos. Single-family houses report the highest average rent, and condos report the lowest average rent.
Specifically, the average rents were:
Single-family houses: $1,378
All three types of properties reported higher average rents, year over year.
The effect of price inflation should of course not be ignored. The final graph shows the average rent in single-family houses, condos, and townhouses in the metro Denver area. We see that the average rent has not yet returned to where it was in real terms in 2001 and 2002. Real losses occurred during 2004 through 2006. Recent growth has exceeded the inflation rate, however, and we find real increases in the average rent over the past 18 months or so. The inflation adjusted average rent during the third quarter of 2013 was $877, which puts it back at about 2004 rates.