Denver Multifamily Market Report

Healthy lease-up continues, though incentives persist. Multifamily deliveries in the first quarter of 2025 fell to their lowest total in over a year. The reduction in supply-side pressure aided leasing at existing Class A and B properties, lowering each sector’s vacancy rate below 6 percent. Submarkets near major employment hubs, most notably Downtown and the Tech Center, maintained their appeal among higher-income renters. Concurrently, peripheral areas like Southeast Aurora achieved record net absorption in early 2025 alongside elevated completions, signaling pent-up local demand for newer, well-amenitized units. While incentives remained prevalent across the metro as of April, concession usage among higher-end properties has stablized. With deliveries set to further taper, conditions are favorable for a modest rent growth recovery.