Apartment construction remains strong this year, with over 330,000 new rental units expected to be delivered nationwide. Despite challenges brought by the pandemic, projections are comparable to the previous four years of the construction boom. While eight out of the top 20 metros are expected to hit a five-year high of new apartments, according to RENTCafé’s latest report, only six metros are experiencing decreases compared to last year. One of them is Denver.
Apartment construction rates in Denver Metro are down by 46% compared to last year. Out of all the metro areas analyzed, this is the highest drop in projections.
Here are the highlights:
- Denver Metro is expected to add 5,581 new units on the market by the end of the year, almost half of the apartments delivered in 2020.
- The metro’s current projections are mirroring the number of apartments delivered here 5 years ago. In 2017, 5,777 new units hit the market, with deliveries more than doubling the following year (13,414). The number of completed units started to decline, reaching 10,849 in 2019 and 10,292 in 2020.
- At the city level, the Mile High City is expected to add a total of 3,363 new units, being the main contender in the metro’s apartment projections. In the first half of the year, around 2,300 apartments were completed.
- Colorado’s largest metro remains a popular place to rent an apartment, with more than 26,000 new residents relocating here between 2019-2020. With its population growing steadily, an increase in housing demand is to be expected.
Read the full report HERE