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.
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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.
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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.
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MARKET OUTLOOK
Denver's multifamily market is navigating the back half of its supply cycle, with data pointing toward a durable, if gradual, recovery...
