Apartment Trends Magazine August 2015 | Page 17

THE ECONOMIC ROLLER COASTER SUMMER ECONOMIC CONFERENCE RECAP Spirited panel discusses trends and where we are in the economic cycle by Luke Miller, Manager of Government Affairs D enver area multifamily professionals met, once again, for the Apartment Association of Metro Denver’s bi-annual Economic conference. This summer’s panel included Andy Clay with Alliance Residential, Mark Windhager with RedPeak, David Zucker with Zocalo Development and was moderated by Teo Nicolais of Nicolais LLC. Other speakers included Alison Felix from the Federal Reserve Bank of Kansas City, Krishna Rao with Zillow, and Jeff Hawks with ARA Newmark and Ron Throupe, PhD. with the University of Denver. Presenting Sponsors This quarter’s Vacancy and Rent report showed average rent at $1,265, an increase from last quarter by $61. Vacancy rate and average price per sq. foot also showed signs of growth as well coming in at $1.50/ sq. foot. However, discounts and concessions were also up, which may point to the beginnings of an over-saturated market. This vision was echoed by the conference’s panel. Mark Windhager with RedPeak said “The party will be over within the next 18 months; concessions are up.” Andy Clay with Alliance Residential agreed stating that there are too many new apartments right now and the market is perhaps looking at a bubble. Inevitably, the increase in discounts and concessions will offset metroarea rents. www.aamdhq.org AUGUST 2015 • TRENDS | 15