2022 Q3 Denver Multifamily Market Report

Powered by a recovering economy, Denver metro’s multifamily market saw a steady performance in the third quarter, with consistent construction, sustained rent growth, and significant investment activity across the metro area.

Although the renter demand in Denver slowed slightly from last quarter, the multifamily market remained resilient and had yet another positive quarter. The market demonstrated its strength through increasing the square footage under construction, reaching 27,246 units by the quarter’s close. The third quarter saw a slight decrease in units absorbed, going from 2,967 to 1,877. This is most likely in response to the high average monthly rent that currently defines Denver. Denver managed to lower the monthly rent slightly to $1,809 from its record highs last quarter of $1,829. Despite the fluctuation in average monthly rent, vacancy decreased to 6.2%, which is a positive sign for landlords. Denver can expect to remain strong throughout the remainder of 2022 as forecasts project a steady climb in positive absorption, square footage under construction, and asking lease rates.