While other commercial real estate sectors felt the distress of the pandemic, the Denver multifamily market had no problem weathering the storm. What was once concern and uncertainty in the first chapter of the pandemic quickly changed to enthusiasm and opportunity driven by strong rental demand as a result of residents taking advantage of remote work opportunities by migrating to new cities. Denver proved to be a top destination for the migrants who are drawn to the city’s vibrant economy, unrivaled outdoor scenery, and tranquil lifestyle. To meet this demand, the Denver multifamily market delivered more than 3,100 units this past quarter and still have another 16,387 units in the pipeline. Despite the large increase in inventory, vacancy rates continued to hover around 6% as absorption remained robust with 1,600 units absorbed. Market rents finished the quarter at $1,693, displaying an astounding 12% YOY growth. The growth the city is experiencing is alluring investors to get a piece of the strong rental demand. The past 90 days recorded unprecedented investment activity with over 12,000 units sold generating a transaction volume of $4.5 billion. With positive investor sentiment in tandem with an abundant amount of project deliveries, Denver finished 2021 vigorously and is in great standing heading into 2022.