Denver Q3 Multifamily Market Report: Apartment Sales Pick Up in Third Quarter
Highlights
- The third quarter was a period of continued strength in the Denver multifamily market. The pace of supply growth slowed, allowing vacancy to remain flat and rents to rise.
- The vacancy rate was unchanged from the second quarter to the third quarter, holding steady at 5.2 percent. The rate has risen 20 basis points year over year.
- After leveling off late last year, rents have trended higher thus far in 2019. Asking rents reached $1,527 per month in the third quarter, up 4 percent from one year ago.
- Sales activity accelerated in the third quarter, and prices rose. Cap rates have been very consistent, averaging approximately 5 percent for the past several quarters.
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