Apartment Market Thrives with Metro’s Strong Economy

The slight increase in vacancy year-over-year comes as no surprise as over 2,700 more units were completed compared to the second quarter of 2017 in Metro Denver. In addition, over 1,500 more units were absorbed compared to last year. Average rents have also increased compared to last year by approximately 4%. The increase in rent and absorption indicate strong market fundamentals in the greater metro area. The Metro Denver Economic Development Corporation expects Colorado to grow at 1.6% in 2018 compared to 1.7% in 2017, and in-migration will continue to be a major contributing factor for Colorado’s booming economy. The housing supply will continue to increase to meet the metro’s pent-up demand, and with the increase in activity this year, the outlook for the multifamily market continues to look great.