MARKET SNAPSHOT

Denver Q3 2026

AVERAGE RENT

$1,648 Q3 2026

OCCUPANCY RATE

91.6% Q3 2026

NET ABSORPTION

14,032 T4Q

ANNUAL RENT CHANGE

-2.7% Q3 2026

YoY OCCUPANCY CHANGE

60 BPS

UNIT COMPLETIONS

8,022 T4Q

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KEY TAKEAWAYS
Net absorption over the past four quarters outpaced completions by roughly 75%, with annual demand exceeding new supply for a second consecutive quarter.
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Occupancy has improved for three consecutive quarters to 91.6%, up 60 basis points year over year, as annual completions fell 38% from a year earlier.
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Effective rents declined 2.7% year over year with concessions still widespread across nearly all submarkets, though the annual decline has narrowed to its smallest since 2024 and the pipeline sits 55% below its Q1 2023 peak.
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MARKET OUTLOOK

Denver's rental market has turned a corner, with the strongest annual demand in at least a decade and a shrinking delivery schedule combining to lift occupancy for three straight quarters...

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Adam Riddle

Adam Riddle

Managing Director

adam.riddle@mmgrea.com

Jason Koch 2

Jason Koch

Managing Director

jason.koch@mmgrea.com

Austin Smith

Austin Smith

Senior Director

austin.smith@mmgrea.com

Kevin Woolsey

Kevin Woolsey

Senior Advisor

kevin.woolsey@mmgrea.com

Sam Bretz

Sam Bretz

Senior Advisor

sam.bretz@mmgrea.com

Adam Tybor

Adam Tybor

Associate Advisor

adam.tybor@mmgrea.com

Chris Mitton

Chris Mitton

Associate Advisor

chris.mitton@mmgrea.com

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