Continued Optimism in the Denver Market

The Denver Multifamily market has remained steady over the past quarter, with vacancy remaining the same over the quarter and down 50 basis points from the previous year. Demand for apartments in Denver has returned, and new developments are following. Absorption was up around 1,700 units over the last quarter, but it is forecasted to decrease over the next year, with new buildings being delivered. Ongoing construction has slowed, with a decrease of around 12,000 units in the pipeline and a projection to decrease continually. Effective Rents have increased from $1,847 to $1,865 during the quarter and are projected to continue to rise as demand increases and supply remains steady. This plateau in supply will keep lease rates and absorption low, but as the new supply continues to fill, those numbers will rise.

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