Apartment rents in Denver are dropping more than the official data suggests, according to a new report from the Apartment Association of Metro Denver.

The average rent in Metro Denver fell 5% in a year to $1,816 at the end of the third quarter. It’s also down from the second quarter’s $1,832 monthly rent.

But those are reported rents, Mark Williams, AAMD’s executive vice president, said Tuesday during a news conference. Landlords have been offering more concessions than ever before, mainly discounts. Add in such concessions, and you get what’s called the “effective rent.”

“If you go back just two years and look at the effective rent, it was about $1,875 on average. Today, it’s closer to $1,710, so that’s about $165 bucks a month,” or about 9%, Williams said. “I think one of the biggest

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