by Valley Gadfly | Sep 26, 2024 | Main Articles
Units Built This Year Rank Mile High City 10th In Nation; New Units Expected To Jump Vacancy Rate To More Than 9%
by Glen Richardson
Suburban Style: New Edera Apartments on the old Kmart site at S. Monaco Parkway and Evans features open courtyards and gardens.
Denver is experiencing a construction boom for apartments, with the second quarter of the year seeing a record 7,349 new units completed. Metro Denver is expected to deliver 13,000 new units by the end of 2024, ranking the city 10th in the nation. Nationwide, the U.S. surpassed 500,000 units for the first time on record.
The latest city construction is part of a larger trend of 19,000 new units added to the market over the previous 12 months, and 31,235 units in the last two years. This is the strongest multifamily construction surge in the region since the 1970s.
However, the Census Bureau now predicts new housing units in the Mile High City will drop by 18% in 2024, to a
Canyon-Cut Crash Pad: The 16-story, 187-unit One River North features soaring walls enchased in a one-of-its-kind sculptural facade.
total of 17,000 units, down from 20,600 in 2023. The shift is due to a number of factors, including higher interest rates, labor shortages, plus a scarcity of lots.
Vacancies Soar
New units are expected to increase Denver’s vacancy rate to more than 9% by the end of the year, which would be the highest it’s been in over 20 years. The luxury four- and five-star segments make up almost 80% of the units scheduled for completion in 2024, and these properties are expected to be most affected by the
new supply.
Denver’s robust pipeline of around 28,000 units under construction will maintain pressure on occupancy rates, though potential relief may emerge in 2025. The significant decrease in new apartment construction starts, however, could lead to an increase in rent growth.
Denver’s economic outlook for 2024 suggests tempered growth, with a 0.4% job growth rate, supported by sectors like education and health services, but challenged by contractions in financial and professional services.
Rent Growth Slows
The median rent in Denver fell by 0.1% through July, and has now decreased by a total of 1.4% over the last 12 months. The city’s rent growth over the past year is similar to both the state (-0.9%) and the national average (-0.8%).
Denver’s rent growth in 2024 is pacing below last year. Eight months into the year, rents rose by 2.6%. This is a slower rate of growth compared to what the city was experiencing at this point last year: From January to August 2023 rents had increased 3.9%.
Denver rents went down 0.5% in August, compared to the national rate of 0.1%. Among the nation’s 100 largest cities, this ranks Denver 86th. That is similar to the monthly rent growth in Louisville, KY (-0.1%), and Jacksonville, FL (-0.5%).
Rents 26% Higher
The median rent across the nation as a whole is $1,241 for a 1-bedroom, $1,398 for a 2-bedroom, and $1,412 overall. The median rent in Denver is 26.1% higher than the national average, and is closer to the prices in Vir
AMI Apartments: Opening at the old CDOT headquarters on E. Arkansas Ave., limited income Krisana Apartments will have 151-units.
ginia Beach, VA ($1,785), and Long Beach, CA ($1,785).
The rent price in Denver proper is $1,781, or 1.2% lower than the price across the metro as a whole at $1,802.
Of the 18 cities within the Denver metro area, Highlands Ranch is currently the most expensive, with a median of $2,422. Englewood is metro’s most affordable, with a median of $1,547. Metro’s fastest annual rent growth is occurring in Northglenn at 3.1%, while Golden is the slowest at -3.9%.
Gems At Year’s End
With the pipeline of new apartments at a record high, there are a variety of locations, styles, and types of units coming onto the market as 2024 ends. Here’s a look at some of the top projects nearing or just completed in city neighborhoods.
One such gem nearing completion is the Akin Golden Triangle on Bannock St. The 12-story building with 98 multi-family units, honors the Golden Triangle Arts District design guidelines, while taking a fresh approach to the built forms within. The result is a project that enhances the environment and elevates Denver’s urban apartment living experience. Dissimilar, but also unique is One River North, a 16-story, 187-unit Highrise in the RiNo arts district. It features private, open-air terraces and soaring walls enchased in a first-of-its-kind sculptural facade.
For renters seeking a more suburban lifestyle, there is the newly opened Edera Apartments featuring open courtyards and gardens. Built on the site of the old Kmart at S. Monaco Parkway and Evans Ave., there are a total of 287 units, ranging from studios to three-bedroom units. Also less urban is Avanti Residential in the Sloan’s Lake Neighborhood at West 29th Ave. & Xavier St. It also has studios to three bedrooms, allowing renters to enjoy walks and scenic bike rides. For those with limited incomes (60% of the Area Median Income or AMI), Krisana Apartments — a 151-unit, four-story apartment complex — is about to open on the site of the old CDOT headquarters at 4242 E. Arkansas Ave. Project features 21 studios, 71 one-bedrooms, and 59 two-bedroom units. A King Soopers Market will open next to Krisana on the west in 2025.
Bannock Buildout: Following Golden Triangle Art District guidelines, the 12-story, 97-unit Akin Golden Triangle is expected to open by year’s end.
Construction Stalling
The apartment building frenzy of the past two years won’t continue through 2028. Metro Denver is projected to lose its 2019-2023 pace by 7.8%, Thus, about 46,629 new units are expected to open in the following five years.
Compared to the previous five-year period, the Mile High City will see a 17.3% decrease in new units, with 23,421 expected between 2024-2028.
In contrast, Aurora is expected to add 95.6% new units, doubling the number of apartments added in the last five years (from 4,611 to approximately 9,018 units).
by Valley Gadfly | Sep 26, 2024 | Main Articles
When Witches Go Riding, And Black Cats Are Seen, The Moon Laughs And Whispers, It’s Halloween In Denver
by Glen Richardson
Chilling Halloweentown: Kids, families decorate houses-yards in colorful characters, skeletons, and pumpkins, giving neighborhoods a unique holiday atmosphere.
Creaky attics, eerie stairwells, dark, and shadowed corners. Eek, it’s Halloween
Twilight Zone Party: Coloween is a 50,000-sq.-ft. jungle-themed Halloween party with massive stages in the National Western complex Oct. 26.
and Mommy’s Little Pumpkins are carving out a terror-ific ghostly month of treat streets and haunted houses for kids. Dad, mom, and the neighbors, meanwhile are venturing into spooky, suspenseful ghoulish grown-up parties and pub crawls.
You’re not going batty! Denver is known for its haunted days and nights of fright during Halloween month. It’s the boo-tiful time of year: There are many tales of ghosts and demons in Denver — especially in certain city parks — but it is the paranormal at local cemeteries that spook people most. On occasion locals claim to hear footsteps. And voices! “Is this hell?” the voice asks. Such reports are why the Mile High City merits a spot among America’s great Halloween towns.
From Fright Fest Weekend at Elitch Gardens to the Halloween Spooktacular at Boettcher Concert Hall, there are many amazing Halloween festivities for families to cherry-pick. Here’s the Chronicle’s monster month guide to bewitching places to go and things to
Monster Movies: See vintage monster movies from the 1890s-1920s at the Sie FilmCenter’s Monsters of Early Cinema Oct. 20, 7 p.m.
do for “fang-tastic” fun:
Fright Fest Weekend at Elitch Gardens, Sept. 30-Nov. 5; Kiddieland closes at 6 p.m. and fright by night begins. Guests can enjoy their favorite rides after dark, but be on alert as Fright Fest comes alive. Creatures lurk around every thrilling corner. Each area of the park has its specific haunted attractions. Information: 303-595-4386.
Ghosts In The Garden is an Open Air Scare Oct 4; Oct 12-13, & Oct. 17-20, Denver Botanic Gardens. The gardens dare you to join them after dark for spine-tingling stories of their haunted history, 5:30-10:30 p.m. Information: 720-865-3500.
Rocky Horror is showing in Denver’s original 1896 movie theater, Oct. 11. The historic Elitch Theatre is showing the cult classic “Rocky Horror Picture Show.” Theater will have a spectacle of the live cast performing alongside the movie. Information: 720-593-9395.
Nightmare, Oct. 11-13. Denver Dance is back at the Clocktower Cabaret with a show full of tricks that’s sure to be a treat, 7 p.m.. Information: 303-293-0075.
Pumpkin Harvest Festival, Oct. 12-13 — Pick out your perfect pumpkin, enjoy live music, and stage performances at Four Mile Historic Park, 9 a.m.-5 p.m. Information: 720-865-0800.
Haunted Hearts Ball at Grant-Humphreys Mansion, Oct. 13 — All vampires, witches, and dark fairies are invited to the allure of dark romance, 6 p.m. Enjoy savory bites and sweet delights, plus alcoholic beverages available. Information: 303-894-2505.
Gore & Lore, Oct. 18-20 — See the spookiest aerial versions of classic characters from history, folklore, and urban legend at the Clocktower Cabaret, 7 p.m. Information: 303-293-0075.
Broadway Halloween Parade, Oct. 19 — Back for the sixth time, the Broadway Merchants Association parade stretches from 5th to Alameda along
Spirits At Four Mile: Engage in spine-tingling rituals that echo the spiritual practices of the 19th century at Four Mile Park Oct. 26, 6-11 p.m.
Broadway. Parade features spooky floats, bands, marchers, and magicians at 6 p.m. Information: 303-859-0491.
Twisted Techno Dancy Party, Oct. 19 — Join Denver’s underworld at DJ Ajax Studios, 2150 Curtis St., 8 p.m. to 2 a.m. Dance to the relentless beat of techno and other genres of music, where darkness and mystery converge. Information: 720-514-1400.
Haunted History Tour, Central City, Oct. 19 — Starts with cocktails in the haunted Teller House. Following tarot reading, take a haunted walking tour. Night ends with professional medium seance. Information: 303-292-6500.
Harvest Haunt Express, Oct. 19-20 — Colorado Railroad Museum’s Halloween-themed steam-up event. Haunted railcars, a
Broadway Howls: Creepy, spine-chilling Halloween floats, bands, and marchers parade down Broadway from 5th Ave. to Alameda Ave. Oct. 19, 6 p.m.
hay bale maze, plus a coal-burning steam locomotive pulls train of the harvest express. Information: 303-279-4591.
Glow Before Dark, Oct. 19-21 & Oct. 22-27 — Families can take the kids to Denver Botanic Gardens to see vignettes of Glow of the Garden during the day, 9 a.m.-1. p.m. Information: 720-865-3500.
Monsters of Early Cinema, Oct. 20 — Experience the thrills and chills of spooky vintage cinema from classic monsters (Dracula & Frankenstein) to dystopian versions of the future (Metropolis). Wild Beautiful Orchestra performs a live soundtrack to film clips from the 1890s-1920s at the Sie FilmCenter, 7 p.m. Information: 720-381-0813.
Glow at the Gardens, Oct. 22-27 — Enjoy the spooky, silly, and spirited like no other at the Denver Botanic Gardens, 6-9 p.m. Information: 720-865-3500.
Halloween Bar Crawl, Oct. 25, 26, & 31 — Receive a wristband for drinks at multiple locations at One Shot Back, 2134 Curtis St., Ste 101. One night or all-access. Information: 720-524-6353.
BOOlesque Halloween, Oct. 25-31 — The Clocktower Cabaret’s Halloween BOO-lesque is back and hotter than “hellfire.” Expect the unexpected as the Cabaret’s Halloween burlesque and variety show transforms your wildest nightmares and dreams, 7 p.m. Information: 303-293-0075.
Spirits & Spirits, Oct. 26 — Engage in spine-tingling rituals that echo the spiritual practices of the 19th century at Four Mile Historic Park, 6-11 p.m. Learn
about a Victorian Mourning Ceremony and have your own tin-type photo taken. Information: 720-865-0800.
Denver’s Black Cat Ball, Oct. 26 — New location in the old Gart Sports’ building — now known as the Sports Castle — at 1000 Broadway, 7-10 p.m. Live music, dancing, food trucks, and a vampire specialty bar. A benefit for the cats and kittens of The Feline Fix. Information: 303-202-3516.
Halloween Songs & Stories, Oct. 26 — Niki Tredinnick & Barry Osborne do original songs and stories about ghosts, goblins, and devils in Tufts Theatre at Swallow Hill, 8 p.m. They also do old ballads, traditional tunes, plus tell creepy stories from their own lives. Information: 303-777-1003.
Coloween, Halloween Dance Party, Oct. 26 — Dance party in the 50,000-sq.-ft. National Western complex, 8 p.m.-2 a.m. Party again features Fantasy Stage with Amazon Jungle theme, plus costume contest. Information:720-663-1414.
Halloween Spooktacular, Oct. 27 — A music concert for boys and ghouls, featuring songs and compositions from films and television at Boettcher Concert Hall, 2:30 p.m. Information: 303-623-7876.
Harvest Hoot, Oct. 27-29 — A three-day festival and trick-or-treating adventure at the Children’s Museum of Denver at the Marsico Campus, 9 a.m.-4 p.m. Inform
ation: 303-433-7444.
Is Mrs. Brown Still Here? Oct 29 — Meet a ghost in the Historic Molly Brown House Museum. A rare chance to learn about various ghost-hunting methods in the historic home of Margaret Tobin Brown, 6 p.m. Information: 303-832-4092.
Candlelight: A Haunting Halloween Classic, Oct. 30-31 — Hear spooky classics performed by a string quartet as candles flicker at Wings Over the Rockies Air & Space Museum, 6:30 p.m. Information: 303-360-5360.
The Creepy Crawly Garden, Oct. 30-Nov. 1 — Explore plants named after the Denver Botanic Gardens’ friends and plants. Includes stories, nature walk, art projects, and a plant to take home. Information: 720-865-3500.
