Denver Apartment Market Grows Slowly, And In This Market Slow Growth Wins
Denver apartment fundamentals are holding firm and growing slowly as we near the end of 2023. However, in this market growth of any kind is good growth, as most markets are experiencing declining fundamentals. Annual rent growth remains positive in the Mile High City and occupancy losses have been some of the lightest in the nation. Leading indicators have been mostly flat on both a short- and long-term basis. Migration has slowed compared to the boom Denver saw in the mid to late-2010’s, but the supply pipeline has also started to soften leaving less pressure on new and existing lease ups. Pockets of heavy supply remain, especially in Rino, Golden Triangle, and parts of Aurora, but the days of intense new supply across the metro appear to be behind us. The employment market remains tight, which should serve as a strong driver of demand as we enter a new multifamily cycle.
Rents are up in Denver over the past year, one of only a handful of markets that can boast rent growth. Occupancy has fallen but its losses are about half of the national average. Traffic and leasing have kept pace with the national average and are holding their own.
Traffic and Leasing
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