MARKET SNAPSHOT

Denver Q2 2025

DOWNLOAD THE FULL REPORT

AVERAGE RENT

$1,824 Q2 2025

OCCUPANCY RATE

91.8% Q2 2025

NET ABSORPTION

5,973 H1 2025

ANNUAL RENT CHANGE

-3.8% Q2 2025

ANNUAL OCCUPANCY CHANGE

-180 BPS Q2 2025

QUARTERLY COMPLETIONS

7,846 H1 2025

KEY TAKEAWAYS

Leasing activity remains strong, with Q2 absorption hitting a multi-year high and trailing 12-month total exceeding both long-term and pre-pandemic averages, reflecting solid demand even amid broader market softness due to a wave of new supply.

Click Here

While rent growth remains negative year-over-year, recent quarterly gains and a sharp slowdown in new construction starts point to improving balance and the potential for a recovery late this year.

Click Here

Occupancy has stabilized near 92% amid ongoing supply pressure, supported by strong in-migration. Still, occupancy rates remain below historical norms and are weakest in older Class C assets and heavily supplied submarkets like Aurora and Downtown Denver.

Click Here

MARKET OUTLOOK

Denver’s multifamily market remains under pressure from elevated supply and soft rent growth. While demand has improved, it continues to trail new deliveries, keeping occupancy below pre-pandemic norms...

READ THE FULL REPORT