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11/04/24
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Here’s a quick 3rd quarter 2024 snapshot of Denver’s multifamily market, thanks to research provided by CBRE.
Denver Multifamily Figures Q3 2024
• The Denver multifamily market ended Q3 2024 with an occupancy rate of 94.0%. This represents a 10 basis point (bps) increase from Q2 2024 and a 30 bps increase year-over-year.
• 5,273 units were absorbed in Q3 2024, up from 4,330 units in Q2 2024 and an increase of 71.9% compared to the number of units absorbed a year earlier.
• Deliveries reached a year-to-date high of 4,873 units in Q3 2024, up from 4,550 units in Q2 2024 and well above the total seen in Q3 2023.
• The average rent per unit for the Denver metro rose to $1,930, an increase of 0.5% quarter-over-quarter but a decline of 0.6% year-over-year when rents peaked at an average of $1,941 per unit in Q3 2023.
• Q3 2024 investment sales volume amounted to $1.7 bil, the highest quarterly total in more than two years. Sales volume was more than double that recorded in Q2 2024 and 61.0% above the total from a year ago.
This update was provided by real estate services firm CBRE
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