HousingWire - Kerri Panchuk - Apartment rental rates in the greater Denver area shot up to a 10-year high in the first quarter as the region faced growing demand for a limited supply of rentals.

Monthly rents in the area soared 4.5% between the first quarter of 2011 and the most recent 1Q period, according to research from the Apartment Association of Metro Denver and the Colorado Division of Housing.

The organizations claim the 4.5% year-over-year rental rate hike is the highest percentage increase in any quarter since 2001.

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