Denver Multifamily Figures Q1 2025

‒      The Denver multifamily market concluded Q1 2025 with an occupancy rate of 94.2%. This represents a slight 10 basis point (bps) decrease from Q4 2024 but a 40 bps increase year-over-year.

‒      2,081 units were absorbed in Q1 2025, the second highest Q1 total since 2015. Q1 net absorption reached a record high of 2,877 units a year ago in Q1 2024.

‒      2,384 units delivered in Q1 2025, down from Q4 2024's historical high of 5,055 units and below the total of 3,157 units seen in Q1 2024.

‒      The average rent per unit for the Denver metro fell to $1,823, a decrease of 1.4% quarter-over-quarter and 4.1% year-over-year. This represents a 6.5% decrease from when rents peaked at an average of $1,949 per unit in Q3 2023.

‒     Q1 2025 investment sales volume amounted to $693 million, 53.4% less than the $1.5 billion seen in Q4 2024. The average price per unit rose slightly quarter-over-quarter from $233,300 to $233,700.