Denver Metro Apartment Deliveries Down by 51%
The ongoing pandemic has had a visible slowdown in apartment deliveries. A shortage of available labor, funding and permits, along with some temporary construction bans, apartment construction nationwide is down by 12 percent compared to 2019. In fact, according to Rent Café, 13 of the 20 most active large metros are expected to complete fewer units than last year. After two consecutive years of booming development, the Denver Metro is experiencing a 51 percent decrease—one of the most significant drops in apartment deliveries in the nation.
Here are the highlights:
- Denver Metro is expected to add 5,695 new units by the end of the year, ranking 16th in the Top 20 U.S. Metros by Projected New Apartments in 2020.
- Compared to 2019, when the Mile High Metro built 11,618 new apartments, the number of deliveries for this year is expected to go down by more than half, 51%, the second-largest decrease out of all metro areas we analyzed.
- At the city level, Denver is the 3rd city nationwide with the most confirmed completions in the first half of 2020, as more than 2,400 new apartments entered the market here since January.
- Colorado’s largest metro remains a popular place to live in, with more than 35,000 new residents relocating here between 2018 and 2019. With its population growing steadily, there will most likely be an increase in demand for housing.
Check out the full report here