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Market Report

Denver Multifamily Market Report

3Q 2021

Mid-Tier Suburban Metrics Enhanced by Changing Renter Priorities, Garnering Investor Attention

Class B units in suburbs accommodate fresh preferences. Mid-tier rentals outside Denver’s core performed exceptionally well during the past year as the segment carved out a niche in the local apartment landscape. The suburban Class B tier met the qualifications tenants were seeking as many desired lower-cost living and larger floor plans while working remotely. Additionally, less crowded areas were favored amid the health threat. Looking at the metro’s 17 suburban submarkets, eight posted Class B vacancy declines of at least 100 basis points during the past year. Three of those — Broomfield, Highlands Ranch and the Tech Center — had reductions of 200-plus basis points. Lower vacancy provided a tailwind for rent as well. Six different suburban locales noted double-digit annual mid-tier rate hikes.
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