Apartment Market Conditions and Trends
in Metro Denver, Colorado
4th 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 4th 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 has slowed and in fact turned negative in late 2023, 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 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 has detered some buyers. High prices also create a barrier for some buyers, especially younger residents.
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Thanks for your interest.
Bill James