For years, developers have focused on building luxury apartments in Denver’s urban core to appeal to young professionals wanting to live near work and be closer to the heart of the action.
For years, developers have focused on building luxury apartments in Denver’s urban core, targeting young professionals wanting to live near work and the heart of the action.
Denver apartment rents are up 16%, while the metro suburbs have averaged rent gains of 25.1% since March 2020, according to Apartment List. Why did rent growth not keep pace in core cities? Early on, some tenants sought to escape what they perceived as a greater risk of contagion in higher-density areas. Bars, restaurants, clubs and other amenities closed down or limited their hours, which further reduced the appeal of downtown areas. As more employers accepted remote work arrangements, the appeal of being close to the office diminished. Proximity came at a premium price, and the benefits simply weren’t as strong a pull as before.
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