Continued Optimism in the Denver Market

The Denver Metro area’s multifamily market continues to demonstrate impressive resilience, maintaining a positive trajectory evident in robust market fundamentals. The construction pipeline saw over 3,400 units delivered this quarter, taking a chunk out of the huge construction pipeline within the market in recent years. Despite the largest supply increase in a quarter for 2023, vacancy reached a new low for the year at 5.7%. As we transition into Q4, rental rates have slightly decreased from Q2 but remain on a positive year-over-year trajectory. The outlook for the rest of 2023 remains optimistic, with forecasts indicating increases in absorption and lease rates, signaling a continued strengthening of market fundamentals. Download the full market report below.