Denver 3Q23 Multifamily Market Insights Report: Vacancy steadies even as deliveries remain elevated

Highlights:

• Multifamily property fundamentals in Denver generally improved during the third quarter with rents pushing higher and vacancy stabilizing. Apartment developers remain active, completing nearly 9,900 units thus far in 2023.
• Area vacancy held steady from the second quarter to the third quarter, finishing the period at 5.4%. Year over year, the rate increased by 60 basis points.
• Local apartment rents rose 1.2% during the third quarter to $1,928 per month. During the past 12 months, rents have grown by 1.6%, although gains in 2023 have been occurring at a faster pace.
• Apartment sales activity picked up in recent months but remains well below last year’s pace. The median sales price year to date is $311,500 per unit, and prices rose in the transactions that closed in recent months.

Read the report, or engage with our Denver office to learn more.