Denver Q1 Multifamily Market Insights: Rents Continue on Upward Climb, Prices Surge

Highlights:

  • The Denver multifamily market started the year with a low and stable vacancy rate and with rents on the rise. Renter demand for units is being supported by an expanding labor market, and developers are moving new projects through the pipeline to meet demand.
  • The vacancy rate remained unchanged in the first quarter, ending the period at 4.7 percent. Year over year, the rate declined by 130 basis points.
  • Rents have spiked in the last 12 months, jumping 17 percent to $1,788 per month. Rents rose 1.9 percent in the first quarter, the strongest start to a year since 2015.
  • Investors remained active at the start of the year. Prices rose with the median reaching approximately $348,000 per unit, up 15 percent from 2021 levels. Cap rates averaged approximately 3.5 percent.

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