For Multifamily Executive, Hamilton Zanze CEO Kurt Houtkooper details the reasons for optimism about the multifamily market and his company’s plans for 2024.Read
Annual Rents Up 13% in Denver
Metro Denver’s average apartment rents increased 13% year-over-year to $1,265 per month as of Q2, according to market survey results released by the Apartment Association of Metro Denver. Meanwhile, occupancy declined 0.2% from Q2 2014 to 95.5%.
The report’s authors credit the falling unemployment rate, seasonal vacancy changes, continued in-migration resulting in an increase in metro-area population for higher rents and a low vacancy rate.
Completion of seasonal construction over the quarter added 2,581 for a current total of 309,849 apartment units, according to the study. In Q2, the market absorbed
4,550 apartment units, an unusually high number that the apartment association says is indicative of demand continuing to match new development.
Read more at Denver Business Journal