Denver Sees a Surge in Apartment Construction

  in   Insights

Like many markets around the country, the Denver apartment market has seen new supply elevate recently, approaching an unprecedented surge in deliveries that the Mile High City has never experienced before. Completions totaled 10,908 units in the year-ending 1st quarter 2024, according to data from RealPage Market Analytics. That was close to the previous peak of almost 11,500 units in 2018. RealPage calculates that 22,015 units will be completed in the next four quarters, more than twice the current level. However, Denver has a fairly tight housing market with a housing units-to-households ratio of 1.05 (similar to Dallas) compared to a national ratio of 1.11. New supply in the past year had been concentrated in the in Northeast Denver, Five Points/Capitol Hill/Cherry Creek and South Denver/Inglewood submarkets. In the next year, Northeast Denver, Downtown/Highlands/Lincoln Park, Broomfield and Five Points/Capitol Hill/Cherry Creek will see the most new apartment supply.