Denver Q2 2026 Market Report

Key Takeaways

• Demand is accelerating, with 4,912 units absorbed in Q2 2026, the second consecutive quarter in which absorption has outpaced completions, pushing trailing 12-month absorption of 11,286 units past the 9,717 units delivered for the first time since late 2021.
• The delivery wave is receding as the under-construction pipeline contracts to 12,523 units (3.9% of inventory), with trailing 12-month starts at 8,186 units signaling measured development activity ahead.
• Effective rents of $1,672 are down 4.5% year-over-year, but two consecutive quarters of positive sequential growth, paired with stabilized occupancy at 91.2% and down only 40 bps annually, signal the market is approaching an inflection point.

Market Outlook

Denver’s multifamily market is navigating the back half of its supply cycle, with data pointing toward a durable, if gradual, recovery…