Denver Rent Cuts Remain Some of the Deepest Nationwide

Denver apartment operators eased up slightly on rent cuts in November, but price declines in Mile High City remain some of the deepest nationwide. Price declines pushed effective asking monthly rates in Denver behind the national level earlier this year for the first time in a decade, and rental rates have continued to come down since. Effective asking rental rates were cut 7.6% across Denver in the year-ending November 2025, according to data from RealPage Market Analytics. Among the nation’s largest 50 apartment markets, this was one of the most significant declines, besting only Austin, where rents were cut 7.9% annually. Recent annual rent declines in Denver have eased from the record cuts reaching 8.3% in the year-ending September 2025. November marked a second consecutive month of easing declines. Rent cuts appear to be inspired by falling occupancy, as Denver occupancy hit below 93% in November, the first time under that mark in at least 15 years.