DENVER (KDVR) — The Denver metro is cranking out more apartments than most U.S. metros, according to a new report.
As a chronic housing shortage plagues the U.S., some cities have seen massive booms in apartment construction to fill demand. According to a new RentCafe report, these apartments are largely for the well-to-do renters in a handful of U.S. metro areas.
“However, almost two-thirds of the apartments built during the pandemic boom are clustered in just 20 high-growth metros, which make up about 41% of the total renter population in the U.S.,” the report reads. “Therefore, for many other places, the new supply barely made a dent in the existing supply. What’s more, around 89% of the apartments completed in the last three years are high-end and, thus, target upper-middle- and high-income renters.”
The Denver metro is among the top 20, ranking tenth overall for the number of apartment units built in 2023. This year, RentCafe estimates the metro will add 12,581 units to the existing apartment stock.
This trend has been in the works through all of the early 2020s. The Denver metro ranks 11th overall for the number of apartments built between 2020 and 2022. In that time, the metro added 28,850 units to its housing stock.