Denver’s Multifamily Market Remains Uncertain as COVID-19 Grips the U.S.

• The Metro Denver vacancy rate rose during 1Q 2020 to 5.8% for the first time since 3Q 2013.
• Absorption exceeded 2,000 units for the second consecutive quarter.
• The overall average rental rate in Metro Denver during the first quarter was $1,592/month, an increase of 2.4% year-over-year.
• Over 19,500 units are currently under construction in Metro Denver, with more than 35% of those units located in the downtown area.