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Denver Ranks No 2 In Spending On Multifamily Construction
Denver ranks No. 2 in spending on multifamily construction
Denver ranks second in the nation for per-capita new multifamily construction spending, according to a report from Apartment List.
It falls just behind Seattle.
This report follows closely on the heels of one that says Denver leads the nation in apartment industry job openings.
From 2000 to 2016, the report said that Denver metro spent $12 billion on new multifamily construction.
Without controlling for population, this lands Denver at number 11 out of 25 metros for the most multifamily construction spending. New York City is first on that list.
Controlled for population, the top five metros spending the most are Seattle, Denver, Dallas, Portland and Charlotte, respectively.
Denver's spending on new residential, in specifically the multifamily sector, increased 12 percent from 2000 to 2016.
The report from Apartment List said that new residential construction plays a "crucial role" in maintaining the affordability of housing, because it adds new housing units close to the urban core.
These new housing units can help soften rent growth, and dense urban areas that support multiple transit options can reduce commute times and promote sustainability, the report said.
However, Apartment List also released a report that said rent increased in 2017, despite an influx of new inventory.
Though the multifamily sector continues to grow in the metro, decreased affordability for lower-income residents remains a contentious issue throughout the metro.
Mayor Michael B. Hancock announced yesterday an initiative to double the affordable housing fund in order to help address the issue.
Across the metro, affordable apartment complexes targeted for residents earning between 30 and 60 percent of area median income continue to break ground, including projects in Stapleton, Adams County, and Aurora.
Article was provided by the Denver Business Journal
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