Denver Tops Multifamily Absorption List in November
According to the Yardi Matrix Multifamily National Report for November, demand for multifamily housing remains high nationwide. More than 320,000 multifamily units have been absorbed nationally. While it’s not expected that absorption will reach 2016’s cycle peak of 377,000 units, 2019 marks the sixth straight year with at least 250,000 multifamily units absorbed.
Seattle, Denver and Dallas topped the absorption list, with Houston, Austin and Washington, D.C., also strong.
According to the report, Denver’s completions as percentage of total stock as of Nov, 2019 reached 4.2 percent. Occupancy rates as of Oct, 2019 were recorded at 94.9 percent.
November’s year-over-year rent growth leaders were Phoenix and Las Vegas. YOY rent growth for the Mile High City for November was recorded at 2.3 percent, much less than the forecasted 3.7 percent rent growth for 2019. The report projects the seasonal rent growth slowdown will extend through early 2020.