Denver Multifamily Market Report
Corporate Growth and Economic Advancement Aid Fundamentals Across Apartment Tiers
Dual employment segments exhibit resiliency. Denver’s tech industry helped shield the market from the impacts of the COVID-19 induced shutdown as many professionals transitioned to remote work. The strength of the sector enabled the metro to retain and recapture a higher percentage of jobs than many U.S. markets last year. The transportation and warehousing segment also expanded, benefiting from the growth of e-commerce. The performance of both industries fueled apartment demand, supporting positive absorption in each quarter of 2020. Continued job creation in these fields, vaccination efforts and the rollback of business restrictions should boost spending at restaurants, bars and entertainment venues in 2021. The improvement in leisure and hospitality-related hiring has the potential to lift demand for lower-cost rentals.