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Market Report

Denver Multifamily Market Report

2Q 2023

Development Requirements Alter Growth
Trajectory as Commuters Identify the West

RiNo headlines record construction pipeline. Prior to the approval of newly-enacted affordability regulations, multifamily development in the central business district fell dramatically amid uncertainty surrounding the city’s ruling. This resulted in downtown Denver welcoming its lowest number of new units in nearly a decade last year. Effective last July, apartments built within the city of Denver must now allocate 8 to 10 percent of units as affordable. Although this likely slows urban construction in the long-run, developers will increase inventory by the fastest pace on record during 2023. The RiNo neighborhood welcomes more than one-third of downtown units and 13 percent of the metro’s total deliveries this year. Proximity to nightlife and sporting venues draws popularity among young professionals and should keep promoting growth here. A slowed long-term pipeline, however, could put a lid on expanding vacancy downtown. 

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