Denver Multifamily Market Report

Record construction tests market demand. Nearly 8,000 units were delivered in Denver during the first half of 2024 — a record tally for a six-month period. Yet, overall vacancy during this time only rose by 10 basis points, making demand for these apartments apparent. With another 8,500 units slated for delivery before the start of 2025, however, pent-up demand for new units will be tested  Developers are focusing on River North, the Golden Triangle and North Aurora, drawn by strong local population growth and affluent households. The recent and upcoming influxes of new supply, as well as concerns regarding retaining tenants at renewal, are requiring developers and owners of existing properties to lean on concessions more frequently. Over the past year, nearly 20 percent of the units across these three areas reported offering incentives. In contrast, less than 7 percent did so in regions such as Broomfield, Littleton and the Arvada-Golden area, where supply additions were minimal.