Denver Q3 Market Insights: Continued renter demand fueling ongoing rent gains


Denver Multifamily market report snapshot for Q3 2022
  • The Denver multifamily market posted healthy results in the third quarter, with asking rents continuing to rise and vacancy remaining tight. Area developers are actively constructing new units to meet the anticipated demand across the region.
  • Local vacancy ended the third quarter at 4.8 percent, identical to the rate from the second quarter. After reaching an all-time low one year ago, vacancy has ticked up 30 basis points during the past 12 months.
  • Rent growth remained positive during the third quarter, but the pace slowed from recent periods. Asking rents rose 1.3 percent in the last three months to $1,897 per month. Year over year, apartment rents are up 9.4 percent.
  • The investment market has been steady in recent months, and the number of deals to this point in 2022 is closely tracking 2021 levels. Year to date, the median sales price is $338,900 per unit, while cap rates averaged approximately 4 percent in recent months.

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