The Denver Multifamily market has shown continued resilience during Q3, with vacancy increasing slightly over the quarter and down 30 basis points from the previous year. Demand for apartments in Denver has returned, and new developments are following. Absorption was up around 800 units over the last quarter, but it is forecasted to decrease during Q4 and the first half of 2025, with new buildings being delivered. Ongoing construction has slowed, with a decrease of around 5,000 units in the pipeline and a projection to continue to decrease. Effective Rents have decreased from $1,903 to $1,860 during the quarter, but are projected to increase with demand and steady supply. This plateau in supply will keep lease rates and absorption low, but as the new supply continues to fill, those numbers will rise.