Apartment Market Conditions and Trends
in Metro Denver, Colorado
3rd Quarter – 2021
Welcome to Apartment Perspective. In addition to the JRES Intelica CRE 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 3rd quarter of 2021.
The metro Denver economy is recovering from the effects of the short, but deep, recession caused by the Covid-19 pandemic. Employment is increasing and in some sectors there are not enough workers to fill job vacancies. The improving economy also translates to demand for all types of real estate, especially apartments.
While demand for apartments has rebounded from the recession there is a considerable amount of new units in the pipeline and due to come onto the market during the remainder of 2021 and in 2022. Concessions and incentives have been reduced but are still available in newer communities with rental rates at the upper end of the spectrum. There is also competition from for-sale housing, especially due to low mortgage interest rates, although the high prices create a barrier for some buyers, especially younger residents.
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