If you own a rental property in Denver, the market you are heading into this summer looks different than it did a year ago. Vacancy rates are sitting around 7.6% metro-wide, the highest in over sixteen years. Average rents are down about 3% year over year. Tenants are taking longer to decide, touring more properties, and negotiating harder before they sign anything.
The owners who understand what is driving this are the ones making good decisions right now. The ones who do not are going to have a harder summer than they need to.
Why the Market Shifted
A surge in new apartment construction added tens of thousands of units to the Denver metro over the last two years. At the same time, a softer sales market pushed more inventory into rentals as owners who could not sell decided to lease instead. Economic uncertainty is making renters more cautious about committing.
Large apartment communities are offering aggressive move-in incentives to pull tenants in. Free months, waived fees, gift cards. That changes what renters expect and what they are willing to pay across the entire market, not just in large buildings.
The result is a renter pool with more options, more negotiating power, and less urgency than Denver landlords have seen in years.
What We Are Seeing on the Ground
At Walters and Company we are seeing longer leasing timelines compared to this time last year. Tenants are touring more properties before making a decision. They are asking more questions. They are pushing back on pricing in ways that were rare two years ago.
Properties are still leasing. But the ones leasing fast are doing things right. The ones sitting are not. That gap is wider right now than it has been in a long time.
What Actually Works Right Now
Pricing has to reflect what the market is doing today. Not what your property rented for two years ago. Not what you need it to rent for. What comparable properties in your specific neighborhood are actually leasing for right now. A property priced $150 over market will sit in any season. In this one it will sit longer and cost you more.
Listing quality matters more than it used to. Tenants have enough options that they are eliminating properties before they even schedule a showing. Bad photos, incomplete descriptions, and slow response times are disqualifying properties before an owner ever gets a chance to make an impression. Professional photos and a well-written listing are not optional right now.
Response time is a leasing tool. A tenant who inquires and does not hear back within a few hours moves on. In a market this competitive, speed is part of the pitch.
And keeping a good tenant is almost always the smartest financial move available. A renewal avoids vacancy, turn costs, marketing, and leasing time. In a market where tenants have options, the ones you already have are worth more than most owners give them credit for.
How Walters Is Managing It
Our team monitors market conditions daily and adjusts pricing and strategy in real time. Every property gets priced based on current data, not last year's numbers. Listings go out with professional photos across 70 or more platforms. Inquiries get followed up on fast. Renewal conversations start 90 days before lease end so owners have real options before decisions become urgent.
Our vacancy rate is below 3%. Our average days on market is 20.2. Our renewal rate is around 72%. In a market this competitive those numbers do not happen by accident. They are the result of doing the same things correctly every single time.
The Bottom Line
If your property is leasing well right now, keep doing what is working. If it is sitting longer than it should, the answer is almost always in the pricing, the presentation, or the response time. All three are fixable.
If you want to know exactly where your property stands heading into summer, we will run the numbers and tell you what it should be renting for right now, what comparable properties are doing, and where there is room to improve before the season peaks.
Request a complimentary rental analysis at:
lizz@rentgowalters.com
