Metro Denver apartment market achieves a zen state in 2024

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Apartment rents and vacancy rates in metro Denver stayed mostly flat as the market absorbed an unexpectedly large number of new units in the first quarter.

Metro Denver apartment supply surged in the first quarter, but plenty of tenants were there to soak up the new supply. That helped keep the vacancy rate and rent gains in check. , tenants absorbed 5,034 of those units, according to the 2024 First Quarter Vacancy & Rent Report for Metro Denver from the Apartment Association of Metro Denver.

The apartment vacancy rate in metro Denver stayed at 5.8%, where it was in the fourth quarter, while average rents rose from $1,870 to $1,875 a month between the fourth and first quarters and median or mid-point rents rose from $1,785 to $1,798 in the same period. But the balanced state may not last long. Bruteig said a vacancy rate above 6% is usually associated with rent declines and those are appearing on the horizon. His forecast calls for the overall vacancy rate to reach 7.5% in the next couple of years as even more new supply comes onto the market.The highest vacancy rate came in the Thornton and Northglenn submarket at 7%, and Denver was right there with a 6.9% rate.

Newer buildings, those built after 2020, had the highest average vacancy rate at 6.7%, while buildings built prior to 1970 have the lowest vacancy rate at 4.5%, Bruteig said.

 

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