MARKET SNAPSHOT

Denver Q1 2026

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AVERAGE RENT

$1,724 Q1 2026

OCCUPANCY RATE

90.3% Q1 2026

NET ABSORPTION

8,997 T4Q

ANNUAL RENT CHANGE

-4.7% Q1 2026

ANNUAL OCCUPANCY CHANGE

-150 BPS

UNIT COMPLETIONS

11,101 T4Q

KEY TAKEAWAYS

For the first time in several years, quarterly absorption outpaced new completions in the first quarter, with demand running approximately 21% ahead of deliveries, signaling that the path toward occupancy stabilization and rent recovery is coming into view.

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The under construction pipeline has contracted 23% over four quarters and now stands at just 3.3% of base inventory, well below the recent cycle high of 11.3% in 2023. As such, CoStar estimates that only 6,758 units will be completed in 2026, down 46% from a year ago.

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Several Denver submarkets are already showing sequential quarterly rent gains, including Highlands Ranch-Lone Tree, South Jefferson County, and South Douglas County, suggesting that pricing power is beginning to return in better-occupied corridors ahead of the broader market recovery.

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MARKET OUTLOOK

Denver appears to be approaching an inflection point after navigating one of the more significant supply cycles among major U.S. metros. The delivery wave has crested, the pipeline has reset well below historical norms, and...

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