Denver Multifamily Market Report

Increased migration coincides with record deliveries. Totaling roughly 18,200 individuals this year, net in-migration to the Denver metro nearly triples 2022’s count and will be the largest influx since 2016. Over the upcoming five years, local population growth is set to register as the third-fastest rate among major non-Sun Belt metros. These sizable population inflows will help local multifamily fundamentals stabilize amid a considerable construction pipeline. At year-end, annual deliveries will have exceeded the prior record by over 1,000 units. Although near-term supply pressure maintains upward vacancy adjustments, the 2023 increase will be one-third the magnitude of last year’s 240-basis-point hike.