“The relief comes after a construction boom added tens of thousands of new units to the metro area last year alone, largely in its urban core. Builders rushed to Denver to meet demand from a population boom before and during the pandemic and are now completing them as growth has slowed.
“Everybody that wanted to move here because of remote work has moved here,” said Brian Sanchez, chief executive officer of Denver Apartment Finders, a locator service. “The demand is not keeping up with the supply.”
Between 2010 and 2020, the Denver region grew by more than 16% to nearly 3 million people. Since 2020, its growth has slowed to about 1% annually.
Rents for apartments of up to two bedrooms in the Denver metro area dropped 5.9% last year, according to Realtor.com. That’s a faster decrease than several other onetime hotspots for pandemic-era migration and construction, like Austin and Nashville. There, rents fell 5% and 4.4%, respectively in 2024.”