{"id":7562,"date":"2024-02-09T10:45:00","date_gmt":"2024-02-09T10:45:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7562"},"modified":"2024-07-22T10:53:32","modified_gmt":"2024-07-22T10:53:32","slug":"january-2024-denver-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/january-2024-denver-multifamily-market-report\/","title":{"rendered":"Denver Multifamily Market Report \u2013 January 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/denver-multifamily-market-report\/\">Denver Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Supply Endures, Slowing Economy Impacts Deals<\/h2>\n<p>Although <a href=\"https:\/\/www.yardimatrix.com\/blog\/denver-multifamily-market-report-september-2023\/\"><strong>Denver\u2019s economy slowed in 2023<\/strong><\/a>, some multifamily fundamentals maintained a solid performance. Year-over-year, rents recorded a mild 0.1% rate of growth, with the average at $1,903. The metro trailed the U.S. figure, which rose 0.4% year-over-year, to $1,713, as of November 2023. Meanwhile, occupancy declined just 30 basis points in the 12 months ending in October, to a still healthy 95.1%.<\/p>\n<p><iframe id=\"datawrapper-chart-6LRPn\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Denver vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/6LRPn\/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>Employment expanded just 0.6%, or 15,400 jobs, in the 12 months ending in September, well behind the 2.4% U.S. average, according to the Bureau of Labor Statistics. Additionally, five sectors lost 13,000 jobs combined during the interval. The financial activities sector lost the most positions (-5,700 jobs), heavily impacted by the recent evolution of interest rates. Next in line were trade, transportation and utilities (-3,200) and information (-3,000). The sectors that recorded the highest gains were government (14,900 jobs) and leisure and hospitality (7,300 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-bgIrm\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Denver Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/bgIrm\/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>Denver\u2019s stock expanded by 8,259 rental units in the first 11 months of 2023. While the number of new projects waned, the metro still had a consistent 42,334 units under construction, placing Denver fourth in the country for the largest pipeline as of November. Meanwhile, investors traded $2.2 billion in multifamily assets, for a price per unit that declined 4.4% year-over-year, to $322,036 in November.<\/p>\n<p>Read the full Yardi Matrix Denver Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/5058-MatrixMultifamilyDenverReport-January2024\"><strong>January 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Supply Endures, Slowing Economy Impacts Deals Although Denver\u2019s economy slowed in 2023, some multifamily fundamentals maintained a solid performance. Year-over-year, rents recorded a mild 0.1% rate of growth, with the average at $1,903. The metro trailed the U.S. figure, which rose 0.4% year-over-year, to $1,713, as of November 2023. Meanwhile, occupancy declined just 30 basis [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511],"class_list":["post-7562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024"],"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 January 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Denver\u2019s rents declined for the third consecutive month on a T3 basis, down 0.4% vs. the national average of -0.2%, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" 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