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Williams said builders completed 13,348 units, 38 percent more than the 9,692 built in 2016.

The association estimates there are 131 apartment communities under construction with 31,000 units in the pipeline.

Castle Rock reported a vacancy rate above 25 percent and in northwest Denver it was above 30 percent in the fourth quarter.“The record-breaking levels of new construction has been pushing vacancy up and that, more than anything else, has been what’s keeping Denver’s rents in check,” said Teo Nicolais, a real estate Instructor at Harvard Extension School, in a statement.

Thousands of new apartments continued to pour onto the market in metro Denver last year, pushing down rents and pushing up vacancy rates to their highest level in seven years, according to the Denver Metro Apartment Vacancy and Rent report for the fourth quarter.

Metro Denver absorbed 11,821 new apartments last year, up from 11,056 in 2016.

That represents the most in records going back to 1981, although the 1970s had years with more robust construction.

There are signs, however, that higher housing costs and congestion are motivating more people to leave the region. Denver's MCA Museum of Contemporary Art has weekly Friday night events, "Black Sheep Fridays".

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