Denver Multifamily Market Report

Labor constraints shape uneven apartment leasing. Renter demand is expected to remain uneven across Denver in 2026 amid demographic shifts and a cooling labor market. The metro’s unemployment rate trended lower during 2025 despite modest hiring, suggesting a smaller labor pool possibly influenced by stricter immigration enforcement. With foreign migration driving more than 60 percent of Denver’s population growth since 2020, reduced inflows may restrain household formation. Eastside neighborhoods with larger immigrant populations — such as North Aurora, Glendale, and Commerce City — also faced the most leasing pressure, as vacancy climbed above 6 percent in 2025. In contrast, the west side and key suburban job centers — including Broomfield, Arvada, and the Tech Center area — have held vacancy below 5 percent. With completions in 2026 projected to be the lowest total in more than a decade, fewer supply additions should help contain vacancy risk even as demand stays fragmented across the metro.