Deliveries Temper Spring Momentum
Denver’s multifamily fundamentals remained soft at the beginning of the second quarter, as per the latest Denver multifamily market report. Although average advertised asking rents were flat on a T3 basis through April, at $1,821, this was an improvement over the previous eight months of contractions. Meanwhile, the U.S. figure rose 0.2% to $1,758. Year-over-year, Denver rents fell 3.6%, well behind the 0.2% national average, as noted in the U.S. multifamily market report. The occupancy rate in stabilized properties decrease 90 basis points year-over-year, to 93.2% in March, following two strong years of supply growth.
Employment inched up 0.1% in 2025, below the 0.6% U.S. pace. The unemployment rate improved to 4.3% in February, but remained above both the state and national rates, according to preliminary data from the Bureau of Labor Statistics. Denver added 1,700 net jobs in 2025, as gains in education and health services, information and government were largely offset by losses in six sectors. CRE demand drivers included the rollout of the $950 million Vibrant Denver bond program and the completion of the roughly $175 million reconstruction of 16th Street.
Supply growth was strong, as developers added 3,041 units in 2026 through April and had another 19,042 units under construction. Investment activity was tepid, with multifamily sales totaling $345 million in 2026 through April, while the average price per unit fell 11.4% year-to-date, to $249,552.
Read the full Yardi Matrix Denver Multifamily Market Report: June 2026
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