Denver Multifamily Figures Q4 2025

‒      In Q4 2025, the Denver multifamily occupancy rate fell 110 basis points (bps) quarter-over-quarter to 92.9%, representing a decline of 140 bps year-over-year.

‒      The fourth quarter of 2025 recorded negative net absorption of 3,409 units. The annual total for 2025 amounted to positive 1,990 units, an 89.1% decline from the 18,262 units absorbed in 2024.

‒      A total of 8,091 units were completed in 2025, a decrease of 54.9% compared to the 17,933 units that delivered in 2024.

‒      The average rent per unit decreased 4.6% quarter-over-quarter to $1,737. On an annual basis, rents were down 7.4% from an average of $1,875 in Q4 2024.

‒      Investment sales volume totaled $3.6 billion in 2025, down from a total of $5.2 billion in 2024. The average price per unit remained largely stable quarter-over-quarter at $275,000, but posted an increase of 16.4% year-over-year.