Jun
13
Yardi Matrix: Denver’s Growth Conundrum
ByMultifamily Spring Report 2016: An influx of Millennials and strong job growth have propelled apartment rent increases in Denver to among the highest in the nation.
Denver rent evolution, click to enlarge
An influx of Millennials and strong job growth have propelled apartment rent increases in Denver to among the highest in the nation—but that growth may be hitting a wall as a result of the heavy development pipeline. Employment is fueled by industries such as technology, healthcare, business and hospitality, while the booming medical marijuana sector has helped to attract young adults.
Trade and transportation are also strong economic drivers for the metro. The Denver Regional Transportation District recently completed the state’s first commuter rail line: the University of Colorado A Line connecting the downtown area to Denver International Airport. The 23-mile route is part of the Eagle P3 Commuter Rail project, which entails the development of 122 miles of commuter and light-rail, 18 miles of bus rapid transit service and 21,000 new parking spaces…
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