DENVER — A record number of apartments entered the Metro Denver market in the last 12 months, while vacancy levels and average rent costs have remained relatively stable.
A new report released by the Apartment Association of Metro Denver stated 7,399 new units were added in the second quarter of 2024, with a total of 18,831 new units coming online during the previous 12 months.
It’s the highest 12-month delivery of new apartments in the history of the 44-year report, according to Mark Williams, executive vice president for the Apartment Association of Denver.
“The net absorption level is also a record high, at 7,892 units – showing that the industry is delivering the new housing units that we desperately need in Metro Denver,” Williams said in the report.
Over the past 12 months, 17,446 units were absorbed, the highest level since 2021.
Vacancy levels decreased slightly by 0.2% to 5.6% for the second quarter of 2024.
“Despite the steady vacancy rate, we still need to expand housing availability,” said Drew Hamrick, senior vice president for government affairs and general counsel for the Apartment Association of Metro Denver. “We must continue to advocate for more housing development as the best solution to affordability.”
> Read the full article at the Denver Business Journal.
