Tighter financing and lesser demand for luxury apartments will slow multifamily construction across the Denver metro region next year, according to the Denver Post.
Citing an economic report from the University of Colorado’s Colorado Business Review, the Post reports that fewer units are planned for construction than are currently in production.
Millennial buyers also factor into the slowdown, as young adults are moving out from rentals in the urban core and purchasing homes farther away from the city. Local builders are also shifting their efforts toward the suburbs, where land is cheaper.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic
