{"id":8326,"date":"2024-10-10T09:46:00","date_gmt":"2024-10-10T09:46:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8326"},"modified":"2025-02-07T10:10:24","modified_gmt":"2025-02-07T10:10:24","slug":"denver-multifamily-market-report-september-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/denver-multifamily-market-report-september-2024\/","title":{"rendered":"Denver Multifamily Market Report \u2013 September 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>Demand Outpaces Supply, Leads US<\/h2>\n<p>Steady population and employment expansion helped Denver\u2019s rent growth rebound toward the end of the first quarter, and the positive momentum continued amid a strong development pipeline, notes the latest Denver multifamily market report. Average advertised asking rents rose 0.5% on a trailing three-month basis through July, to $1,960, while the occupancy rate for stabilized properties declined 30 basis points year-over year, to 94.8%, in June. The average U.S. advertised asking rent was up 0.3%, on a T3 basis through July, to $1,743, while occupancy declined 40 basis points, to 94.6%, according to the <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\">national multifamily report<\/a><\/strong>.<\/p>\n<p><iframe id=\"datawrapper-chart-KPDPV\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Denver vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/KPDPV\/1\/\" height=\"328\" 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 jobless rate rose to 4.0% in June. The rate was the highest it\u2019s been since early 2022 and 10 basis points ahead of the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. Employment slowed to 0.9% over the 12-month period ending in May, below the 1.3% national average. The metro gained 6,400 jobs. The government and education and health services sectors added a combined 24,100 positions. Meanwhile, the largest losses were recorded in trade, transportation and utilities (-8,700 jobs) and mining, logging and construction (-5,100 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-xOEaE\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Denver Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/xOEaE\/1\/\" height=\"423\" 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>Development was strong, with a robust pipeline and steady deliveries, but new construction decelerated significantly. In 2024 through July, developers delivered 6,871 units and had another 39,088 underway. Investment activity remained limited, totaling just $1.4 billion, with the average per-unit price down 14.3% since December.<\/p>\n<p>Read the full Yardi Matrix Denver Multifamily Market Report: <a href=\"\/publications\/download\/file\/6218-MatrixMultifamilyDenverReport-September2024\"><strong>September 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Demand Outpaces Supply, Leads US Steady population and employment expansion helped Denver\u2019s rent growth rebound toward the end of the first quarter, and the positive momentum continued amid a strong development pipeline, notes the latest Denver multifamily market report. Average advertised asking rents rose 0.5% on a trailing three-month basis through July, to $1,960, while [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[453,511],"class_list":["post-8326","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-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 September 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Denver\u2019s advertised asking rents rose 0.5 percent on a T3 basis and 1.1 percent YoY through July, above the U.S. rate on both counts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/denver-multifamily-market-report-september-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Denver Multifamily Market Report \u2013 September 2024\" \/>\n<meta property=\"og:description\" content=\"Denver\u2019s advertised asking rents rose 0.5 percent on a T3 basis and 1.1 percent YoY through July, above the U.S. rate on both counts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/denver-multifamily-market-report-september-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-10T09:46:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-07T10:10:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Denver-iStock-1238834488.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Denver Multifamily Market Report \u2013 September 2024 - 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