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Trends in Colorado Apartment Construction

Recent trends show a significant boost in apartment construction in recent years, which causes a boost in the already desired maintenance jobs Denver market. According to experts, this increase is fueled by millennials, many of whom are willing to move for work, and have no problem with establishing a temporary home or shifting to a new rented apartment once every few years.

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Although not all millennials are made equal, this trend seemed to have created a demand that the Colorado market has struggled to fill. Census data shows that construction started on more than 380,000 new apartments last year, a number larger than any year since 1987, and Colorado is right in the middle of it. Also, despite a surge in rental prices in the past 1-2 years, many young people moving to Colorado are in search of well-paid jobs and rented apartments. With the local industry and business in a state of steady growth, they might get precisely what they want.

 

The apartment construction trend is by no means an isolated incident in Colorado or the Denver area in particular. Increased apartment construction has been on the rise since 2005 in 47 states, although the change seemed to have been most drastic in western states led by Colorado, where nearly 40% of all new construction permits released in 2014 were meant for multifamily units.

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