Fundamentals Point to Mixed Outlook
Denver is still finding its footing as absorption works its way through the recent delivery spike, as per the latest Denver multifamily market report. Rent growth decelerated following the leasing season peak, up just 0.1%, on a trailing three-month basis through July, to $1,885. Year-over-year, average advertised asking rents declined 3.9%, marking the second-slowest pace among Yardi Matrix’s top 30 metros. Occupancy in stabilized assets also faced challenges, down 70 basis points year-over-year, to 94.1% in June, representing the sharpest drop across the top 30 metros.
Denver employment expanded a modest 0.1% through May. The metro added just 5,000 net jobs over 12 months, with significant differences across sectors. Growth was recorded in five sectors, led by government (8,100 jobs) and education and health services (5,900 jobs). Offsetting gains, five other sectors shed a combined 14,200 jobs, including trade, transportation and utilities (-6,100 jobs) and professional and business services (-4,900 jobs). Unemployment stood at 4.4% in June, outperforming the state (4.7%) but trailing the national rate (4.1%), according to data from the Bureau of Labor Statistics. Projects expected to impact the local economy include the $950 million 2025 Vibrant Denver Bond package and the redevelopment of Cherry Creek West.
Developers delivered 9,973 units in 2025 as of July, on the heels of last year’s 23,165 units. Meanwhile, investors traded $1.1 billion in assets, for a price per unit that clocked in at $288,527 through July.
Read the full Yardi Matrix Denver Multifamily Market Report: September 2025
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