Rents across Denver have barely budged over 18 months, according to the Apartment Association of Metro Denver.

Over the last quarter, the average rent in the metro Denver area went up $5 to $1,875, according to association data for Q1 released Tuesday.

“Average rent growth in any 18-month period is generally 5.7%,”  Executive Vice President Mark Williams said. “This last 18 months, the rate of growth was 0.3%, which is great news for renters.”

It’s the first time in the group’s 44-year history of collecting Denver’s rent data where rents stayed stable over 18 months, the association said.

Rental vacancy across the metro also remained stable. The rate stayed at 5.8% in Q1 from the end of 2023.

The lowest vacancy rate was Jefferson County at 5.3% and the highest rate was in Adams County at 6.3%. Vacancy increased slightly in Adams, Jefferson and Douglas counties and stayed the same in Arapahoe County. Rates dropped a little in Boulder and Denver counties.

The stable rents and vacancy rates is a sign of an influx of new housing. Over two years, Williams said, the region has seen a flood of 27,000 new units — nearly three times as much as the average of 10,000 new units.

“Despite what the data shows, we still need to expand housing availability,” Drew Hamrick, senior vice president for government affairs and general counsel for the Apartment Association of Metro Denver, said in a statement.

“We must continue to advocate for more housing development as the best solution to affordability.” Hamrick added.

But the organization warns the stable rates might disincentivize developers from building more housing when the area is in need of more supply to improve housing affordability.

“While the stable rental rates over the last 18-24 months are good for the rental market, the numbers also signal red flags for investors, developers and management companies,” Williams said.

Newly constructed buildings have the highest vacancy rates at 6.7%, while older buildings built before 1970 have the lowest rate at 4.5%.

The apartment association’s executive vice president said legislators should focus on policies promoting both housing affordability and a welcome investment climate.

“We continue to urge legislators to adopt a more balanced approach,” Williams said, “taking into account the perspectives of all stakeholders.”