Market Report
Denver Multifamily Market Report
1Q 2026
Local Dynamics Take Center Stage in 2026 as Apartment
Outlook Overcomes Demographic Hurdles
Affluent west side outperforms as the east side sees drop in immigration. Apartment demand in Denver is expected to remain uneven in 2026 as demographic and labor headwinds persist. The local unemployment rate trended lower in 2025 despite modest hiring, suggesting a smaller labor pool likely influenced by tighter immigration enforcement. With foreign migration driving more than 60 percent of Denver’s population growth since 2020, reduced inflows may restrain household formation. East-side neighborhoods with larger immigrant populations — such as North Aurora, Glendale, and Commerce City — face the most pressure, as vacancy climbed above 6 percent in 2025. In contrast, vacancy across the west side and key suburban job centers — including Broomfield, Arvada, and the Tech Center — has held vacancy below 5 percent. Moving forward, these latter areas are well-positioned, given their generally more affluent renter bases. Metrowide, completions in 2026 are projected to be the lowest in more than a decade, which will help to contain the extent of upward vacancy movement.
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