Denver Apartment Construction Down 51%

RENTCafe is estimating that metro Denver will only add 5,700 new apartment units this year, a HUGE drop of 51% from last year, the second biggest drop in the country of the 20 largest cities. Nationally, new rental construction is expected to be down 12%. Why is construction of new apartments in Denver down so much?

RENTCafe provided no answers. But, I imagine it's because we have built so many new apartments over the last few years. Second, a large majority of these new apartments are in the City of Denver and many people are fleeing the City of Denver for the suburbs for more space, better affordability, and safer neighborhoods. Thus, developers need to start building more apartments in the suburbs.