Apartment Market Conditions and Trends
in Metro Denver, Colorado
1st Quarter – 2021
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 1st quarter of 2021.
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 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 of 2020 but things deteriorated quickly during the balance of 2020 and into early 2021 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.
Denver’s economy is starting to recover from the pandemic-caused recession, but employment remains below the level recorded in the 12st quarter of 2020. Should the recovery continue it will benefit the apartment market by increasing demand. Over the long term Denver remains an appealing market for apartment investment.
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