MARKET SNAPSHOT

Denver Q3 2025

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AVERAGE RENT

$1,779 Q3 2025

OCCUPANCY RATE

91.2% Q3 2025

NET ABSORPTION

7,716 YTD Q3 2025

ANNUAL RENT CHANGE

-4.0% Q3 2025

ANNUAL OCCUPANCY CHANGE

-180 BPS Q3 2025

QUARTERLY COMPLETIONS

9,703 YTD Q3 2025

KEY TAKEAWAYS

Demand is improving but still trails new supply, restricting occupancy recovery and emphasizing the role of concessions in driving lease velocity.

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Rents remain under pressure, with widespread incentives in response to the new supply wave, yet average pricing still holds a slight premium to the national level.

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Signs of relief are emerging as quarterly and annual completion volumes are easing and the active pipeline has shrunk, suggesting supply-side pressure should moderate into 2026 as demand remains constructive.

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MARKET OUTLOOK

Denver’s near-term setup points to gradual improvement from supply-led softness. New supply has outpaced demand through the first half of 2025 and will likely continue to do so into late 2025, which will keep occupancy subdued in the near term...

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