Denver Multifamily Report – June 2025
The market is toughing out a bumpy ride.
Denver’s multifamily fundamentals have softened. After months of larger contractions, the metro’s average advertised asking rents showed signs of recovery, sliding just 0.1 percent, on a trailing three-month basis through April, to an average of $1,867. The national figure stood at 0.2 percent. The metro’s occupancy rate dropped to 93.7 percent as of March, partly due to an outstanding 2024 for new supply volume. Meanwhile, the national average increased to 94.4 percent.
Denver’s unemployment rate was 4.6 percent in March, according to preliminary data from the Bureau of Labor Statistics. The figure was 40 basis points above the national average, but below Colorado’s 4.8 percent. The employment market expanded 0.4 percent during the 12 months ending in February, while the national average marked a 0.9 percent increase. To take advantage of underutilized spaces, Denver City Council recently approved two investments. Denver will invest up to $70 million in land and infrastructure work to help build a 14,500-seat stadium. The city also approved a land swap, which will transform Park Hill Golf Course into an urban park.
Developers brought 4,440 units online year-to-date through April and had 26,731 units under construction. Most of the deliveries and underway projects remained geared toward Lifestyle renters. Investment volume in the first four months of the year totaled more than $525 million, with the per-unit average settling at $276,458.
