Regions Southwest
May 6, 2008
The Denver apartment market will remain reasonably healthy in 2008, though competition from the region’s shadow stock will offset some of the recent improvements to fundamentals, according to a first-quarter Apartment Research Report by Marcus & Millichap Real Estate Investment Brokerage Group. Near-term demand drivers remain intact, with local employers forecast to expand payrolls for the fifth consecutive year.Following are some of the most significant aspects of the Denver Apartment Research Report: employers are expected to create 13,000 jobs in 2008, a 1.1 percent increase; developers are predicted to complete roughly 2,960 apartments this year, up from 910 units in 2007; vacancy is forecast to end the year at 6.9 percent; asking rents are projected to increase 2 percent to $886 per month in 2008, while effective rents advance 1.7 percent to $789 per month; during the past year, transaction velocity has increased 10 percent.
The Denver apartment market will remain reasonably healthy in 2008, though competition from the region’s shadow stock will offset some of the recent improvements to fundamentals, according to a first-quarter Apartment Research Report by Marcus & Millichap Real Estate Investment Brokerage Group. Near-term demand drivers remain intact, with local employers forecast to expand payrolls for the fifth consecutive year.Following are some of the most significant aspects of the Denver Apartment Research Report: employers are expected to create 13,000 jobs in 2008, a 1.1 percent increase; developers are predicted to complete roughly 2,960 apartments this year, up from 910 units in 2007; vacancy is forecast to end the year at 6.9 percent; asking rents are projected to increase 2 percent to $886 per month in 2008, while effective rents advance 1.7 percent to $789 per month; during the past year, transaction velocity has increased 10 percent.
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