The Mile High City has breathtaking mountain views from virtually every angle. Whether area homes are occupied via local residents or tourists, Denver offers a great market to expand a real estate business. Direct Apartment Lenders provides insightful details about the Denver, Colorado multifamily apartment market.

Living in Denver, CO

Blue skies and bright stars are extremely clear from various mountaintops and from high-altitude areas.

Residents can expect weather changes to occur with limited warning. 

Although, living in Denver has some severe cold-weather challenges, residents enjoy skiing, hiking, camping and many outdoor activities. 

Rocky Mountain National Park and area water canyons are within 75 miles of the Denver city limits.

Area ski resorts are popular destination spots.

Denver has a thriving music scene with live venues nearly every night.

Located one mile above sea level, Denver has more than 300 sunny days per year.

The area has many arts and cultural destinations.

Denver is also ranked among the top cities in the United States with the most beer breweries.

Sports fans enjoy the talent of professional athletes. 

Denver has some incredibly competitive sports teams, such as the MLB Colorado Rockies, the NFL Denver Broncos, the NBA Denver Nuggets and the NHL Colorado Avalanche.

With so many adventures to enjoy, Denver provides a ton of indoor and outdoor activities for people to explore.

Apartment Rental Rates in Denver, Colorado

The average one-bedroom apartment rental rate in Denver is $1,435, according to Zumper. This represents a year-over-year increase of one percent.

The average two-bedroom apartment in Denver rents for $1,890 per month. 

Three-bedroom apartments in Denver rent for an average of $2,590 per month.

One-bedroom units are the most popular apartment size in Denver, Colorado.

While the above apartment rents are reflective of the average market rates, the actual cost to rent an apartment in Denver may be higher or lower, according to the neighborhood where the property is located. 

Investors should know that renters reside in 49 percent of the occupied units in Denver. 

Statistical Data for Denver, CO

The population was estimated at 727,211 as of July 1, 2019, per the U.S. Census Bureau. 

This represented a 21.2 percent increase above the estimated population of 599,825 on April 1, 2010.

The median household income in Denver was $68,592 in 2019.  

Multifamily Property Data for the Denver Apartment Market

Denver had a strong economy prior to the Covid-19 pandemic, which helped the area withstand pressure from a weakened job market.  

Development was robust through November of 2020. Nearly 12,000 units were purchased online via developers. The average price per unit was above $285,000.

According to NorthMarq, the multifamily vacancy rate was six percent in Denver as of the first quarter of 2021, and the year-to-date cap rates averaged 4.3 percent.

Multifamily developers provided roughly 2,000 units for the first quarter of 2021. More than 26,000 units were under construction during the same period.

Outlook for the Denver, Colorado Apartment Market 

The Denver multifamily apartment market offers a lot of potential for real estate investors. 

In 2021, the project completion rate is expected to soar. The outlook for the Denver, Colorado multifamily market should realize the delivery of about 11,500 apartment units. 

Development in the Denver multifamily apartment market is expected to grow for the next few years. The financial indicators suggest that Denver is an excellent choice for investors who want to expand a real estate portfolio.

No Bank Statement Apartment Loans in Denver, CO

When borrowers apply for a traditional apartment loan, many financial institutions will request several recent years of tax returns. Quite often, tax returns will be required from the business entity (if applicable) and from the borrower.

Our apartment lending guidelines do not require tax returns from individuals or from businesses.

With our no bank statement apartment loans in Denver, borrowers may simply state their income onto the application.

While we will review the borrower’s stated income, our primary concern will be based on the financial strength of the commercial asset.

Investors who need financing to buy a multifamily apartment building in Denver can apply for our commercial mortgage loans without bank statements or tax returns.  

Applying for an Apartment Loan in the Denver Multifamily Apartment Market

Investors can quickly apply for an apartment loan online. 

We offer short-term and long-term mortgage loans with fixed rates or adjustable rates.

After an applicant completes a mortgage loan application, one of our loan officers will promptly follow up to discuss the underwriting decision.

For best results, a completed mortgage application that has a sales contract for the subject property, rent rolls and photos should also be submitted. Ideally, the applicant will have a credit score of 600 points or higher.

Fast funding options are available for commercial apartment complexes, duplex properties, triplexes and apartment buildings with five or more units that meet our debt service ratio requirements.

Get a quote for financing to purchase an apartment building or for money to refinance a commercial property.

Contact Direct Apartment Lenders today for more information about our nationwide loan programs.