Apartment Demand Remains Strong as Rates Continue to Climb

• Absorption exceeded 2,000 units for the second consecutive quarter.
• The overall average rental rate in Metro Denver during the third quarter was $1,605/month, an increase of 4.2% year-over-year.
• Over 24,000 units are currently under construction in Metro Denver, with more than 25% of those units located in the downtown area.
• The Metro Denver vacancy rate dipped below 5% for the first time since 3Q 2018 and finished the quarter at 4.90%.