Apartment Market Conditions and Trends
in Metro Denver, Colorado
4th Quarter – 2020
Welcome to Apartment Perspective. In addition to the JRES analysis of vacancy, demand and rental rate trends, Apartment Perspective includes a list of all apartment projects under construction and proposed in metro Denver, and all communities started and completed during the 4th quarter of 2020.
In early 2020 the metro Denver economy was doing quite well. The apartment market was softening slightly due to the number of new units coming onto the market, but overall things looked bright for another expansive year for Denver.
That situation was thrown entirely into disarray by the advent of the Covid-19 virus and its impacts on the local and national economies. The effects on the apartment market were starting to be felt at the end of the 1st quarter but things deteriorated quickly during the balance of 2020 with rental rates declining, concessions becoming more prevalent and demand slowing. In addition, happening just at the worst possible time, thousands of new apartment units are being completed and added to the market, most in the upper price range.
Over the long term Denver remains an appealing market for apartment investment but the effects of the virus will continue for some time. In fact, it is simply impossible to make any informed predictions about when the apartment market in metro Denver will finally rebound, since that depends in great measure on an economic recovery. It is best simply to watch carefully and with appropriate skepticism.
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Thanks for your interest.
Bill James