Denver Q2 Multifamily Market Report: Vacancy Improves Even as New Construction Accelerates


  • The second quarter was a very active period in the Denver multifamily market. Developers delivered thousands of new units, but the vacancy rate dipped and rents rose.
  • The vacancy rate fell 80 basis points in the second quarter, dipping to 5.2 percent. The current rate is identical to one year ago.
  • Asking rents ended the second quarter at $1,512 per month, up 4 percent from one year ago. Rent gains have been strongest in the Class B segment.
  • Sales activity thus far in 2019 has been less active than in recent years. Cap rates have remained flat, averaging approximately 5 percent. Pricing has been uneven, spiking in the first quarter before dipping during the second quarter.

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