Apartment Market Conditions and Trends
in Metro Denver, Colorado
3rd Quarter – 2023
Welcome to Apartment Perspective. In addition to the JRES Intelica CRE analysis of vacancy, demand and rental rate trends, Apartment Perspective includes a new section on Affordable Houisng, a list of all apartment projects under construction and proposed in metro Denver, and all communities started and completed during the 3rd quarter of 2023.
The metro Denver economy rebounded strongly from the effects of the short, but deep, recession caused by the Covid-19 pandemic. However, metro employment growth is now stagnating, which will have an effect on all types of real estate, especially apartments.
While demand for apartments has rebounded from the recession it slowed recently. In addition, there is a considerable amount of new units in the pipeline and due to come onto the market in late 2023 and into 2024. Concessions and incentives are starting to arise again, especially in newer communities with rental rates at the upper end of the spectrum. There is also competition from for-sale housing, although increasing mortgage interest rates may deter some buyers. High prices also create a barrier for some buyers, especially younger residents.
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