The number of apartmentsconstructed in the Denver metro is expected to fall 30% this year compared to last, according to a recent RentCafe analysis.
The big picture: After years of breakneck construction, the pipeline is slowing in Denver and nationwide as high interest rates, soaring building costs and an oversupply make developers think twice about breaking ground.
Nationally, new apartment construction is down about 21% from last year's record pace.
By the numbers: Metro Denver is on track to deliver nearly 12,700 new units in 2025, per RentCafe. About 46% are in the city itself.
Despite the downturn, Denver still ranks 10th among U.S. metros for new apartments.
Reality check: What's getting built isn't necessarily what renters need. Most new units are luxury β not the affordable options in short supply.
That mismatch, combined with fewer new projects, could put upward pressure on rents again.
What we're watching: Denver Mayor Mike Johnston has pledged 3,000 new affordable units this year β a start, but still a sliver of the roughly 45,000 he says will be needed over the next decade.