Denver Multifamily Market Report

Migration outflows temper household formation. Population growth has decelerated, rising just 0.3 percent year-over-year as of March 2026, equating to roughly a 9,000-resident increase. This is largely tied to weaker migration trends, as the metro recorded net out-migration in 2025, contributing to a moderation in household formation, which expanded by 0.8 percent. These headwinds are driven by the relocation and downsizing of manufacturing, energy, financial, and tech firms. This limits blue- and white-collar job growth, as expansion moves elsewhere, constraining future job creation and tempering multifamily tenant demand, particularly in workforce housing segments.