Denver Q3 Multifamily Market Report: A Return of Large Transactions During the Third Quarter

Highlights:

  • The Denver multifamily market posted robust net absorption during the third quarter, particularly in suburban areas. The vacancy rate dipped below 6 percent, and rents ticked higher after dropping in the preceding three months.
  • After rising in each of the first two quarters of the year, vacancy fell 60 basis points during the third quarter, dipping to 5.8 percent. Despite the recent improvement, the current rate is 60 basis points higher than one year ago.
  • Asking rents at $1,528 per month are nearly identical to the figure from one year ago. Rents topped $1,500 per month during the second quarter of last year and have remained in a fairly tight range in recent quarters.
  • The investment market regained momentum during the third quarter with activity picking up in transactions larger than $100 million. With properties at the higher end of the market trading, prices rose. The median price year to date is up to $239,200 per unit.

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