Exceeding Expectations

Record-setting rents and absorption for all three markets up and down the Front Range exemplify the continued demand and need for apartments in Colorado. Despite the slight decrease in transaction volume year-over-year, the average price per unit increased by approximately 28 percent, as several luxury apartment buildings sold in the CBD submarket. The significant number of units in the construction pipeline has not negatively impacted the overall market. However, with the ongoing shortage of construction labor and increasing material costs, the Front Range will likely experience delays in the completion of some new units, which could put upward pressure on rents for existing inventory.