{"id":6526,"date":"2023-10-12T09:53:24","date_gmt":"2023-10-12T09:53:24","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6526"},"modified":"2023-10-25T10:05:24","modified_gmt":"2023-10-25T10:05:24","slug":"denver-multifamily-market-report-september-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/denver-multifamily-market-report-september-2023\/","title":{"rendered":"Denver Multifamily Market Report \u2013 September 2023"},"content":{"rendered":"<h2>Lifestyle Segment Drives Demand<\/h2>\n<p>Denver\u2019s fundamentals remained stable as the second half of the year began, despite mounting economic headwinds. Rates rose 0.6% on a trailing three-month basis through July, to $1,942, doubling the 0.3% U.S. figure, while the national average reached $1,729. On a year-over-year basis, <a href=\"https:\/\/www.yardimatrix.com\/blog\/denver-multifamily-market-report-september-2022\/\"><strong>Denver\u2019s rent growth trailed the nation by 50 basis points<\/strong><\/a>. Occupancy in stabilized properties remained flat, thanks to an uptick in the Lifestyle segment.<\/p>\n<p><iframe id=\"datawrapper-chart-l6rEh\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Denver vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/l6rEh\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Denver\u2019s unemployment rate was at a tight 2.8% in May, on par with the state and ahead of the 3.7% U.S. figure, according to data from the Bureau of Labor Statistics. However, the labor market posted one of the weakest performances in the nation, up just 1.3%, or 3,500 jobs, in the 12 months ending in May. Meanwhile, the U.S. job market marked a 2.8% expansion. Half of Denver\u2019s sectors contracted during the period, with financial activities, trade, transportation and utilities, and information losing a combined 21,300 positions. Government and leisure and hospitality led gains, with 21,200 jobs.<\/p>\n<p><iframe id=\"datawrapper-chart-d9lOO\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Denver Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/d9lOO\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers brought 4,260 units online in 2023 through July and had 39,745 units underway. The volume of new projects decreased from 2022 but remained above 2021\u2019s figures. Meanwhile, investment activity totaled $1.1 billion, but due to ongoing interest rate increases, the price per unit held on well compared to other similar metros, declining 5.5% year-over-year, to $312,470.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4497-MatrixMultifamilyDenverReport-September2023\">Matrix Multifamily Denver Report-September 2023<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lifestyle Segment Drives Demand Denver\u2019s fundamentals remained stable as the second half of the year began, despite mounting economic headwinds. Rates rose 0.6% on a trailing three-month basis through July, to $1,942, doubling the 0.3% U.S. figure, while the national average reached $1,729. On a year-over-year basis, Denver\u2019s rent growth trailed the nation by 50 [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[453,475],"class_list":["post-6526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-denver","tag-multifamily-outlook-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Denver Multifamily Market Report \u2013 September 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Denver rents rose 0.6% on a T3 basis in July to $1,942, the fourth month of gains and double the 0.3% national rate, 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