Denver Multifamily Figures Q1 2025

Market Overview

CBRE reports that Denver’s multifamily market faced elevated vacancy in Q1 2025 as new supply continued to outstrip demand. Average rents fell 3.4% year-over-year, and occupancy declined to 91.9%. Suburban areas with limited new development outperformed urban cores, and absorption was concentrated in upper-tier properties. Although construction remains active, starts are slowing due to rising costs and stricter permitting requirements. The market is expected to gradually rebalance by late 2025 or early 2026.

About CBRE

CBRE is the largest commercial real estate services and investment firm globally, operating in over 100 countries. Their research division produces some of the most widely cited and data-rich reports in the industry, backed by internal transaction data and proprietary modeling tools. CBRE’s multifamily publications are designed for institutional investors, developers, and REITs, combining market analytics with commentary on risk, capital flows, and deal trends. Their Denver reports often include forecasts, economic outlooks, and lease-up analyses that go beyond the basics, making them essential for stakeholders tracking development-heavy metros with fluctuating demand cycles.