New apartment construction starts have dropped significantly in Denver. Only 3,169 units started construction across the Denver apartment market in the year-ending 3rd quarter, according to data from the U.S. Census Bureau. That volume was down 70% year-over-year and was 82% behind the recent peak of 17,781 units started in the year-ending 3rd quarter 2022. The 3,169 units started in the past year represent only about 1% of all existing stock. Since the Great Financial Crisis of 2007 and 2008, Denver has stated at least 4% of existing supply annually, but peaked above 10% in 2022. While starts are falling off, however, ongoing construction is still significant in this market. As of 3rd quarter 2024, just over 17,600 units were under construction in Denver, according to RealPage Market Analytics. Those units are expected to increase the existing apartment base by 5.1% in the near future. Denver just missed a top 10 ranking for scheduled inventory increases. Leading the nation as of 3rd quarter were Charlotte and Phoenix, with inventory expected to grow 10% to 13% in those markets.
