Vacancies Climb While Rents Decline in Denver’s Multifamily Market

• Metro Denver’s vacancy rate continues its upward climb, up 120 basis points to 6.1% in Q2
• With the pandemic to blame, the Metro Area witnessed negative absorption for the first time since Q3 2012
• Rental rates continue their descent at $1,574, the lowest since Q2 2019
• More than 19,200 units are under construction