Mile-high momentum? Denver’s 2024 housing market
Tackling Denver's housing shortage, one project at a time
What's the Point?
An uptick in activity could be on the radar for the Denver, Colorado housing market in 2024— but the housing shortage persists with the city still short tens of thousands of homes.
Is the waiting game over for Denver buyers?
There still aren't enough homes to go around in the Mile-High City located in the Rocky Mountain region of the United States.
In 2024, Denver's housing market will face more of the challenges that the area faced last year: high mortgage rates, limited inventory and affordability concerns — but glimmers of hope exist, too. In 2023, many potential buyers played the waiting game, watching for interest rates to drop rather than negotiating offers. So even a modest drop in rates could prompt more activity.
But even lower interest rates aren’t a solve for Denver's housing shortage. Hines compared the stock of existing homes, either to rent or buy, with the city population's housing demand and found it came up short. Denver needs 53,000 more homes to meet residents' needs, according to Hines data quoted in Axios.
Expanding opportunity, one strategic residential development at a time
Denver's housing shortage won’t be solved overnight. And with real estate along the Rockies increasingly limited, building single-family housing alone won't do the trick.
But thoughtful developments that consider their role in the community can each play a meaningful part.
For example, Mica RiNo, a new apartment community, will bring 392 luxury for-rent residences to the River North Arts District (RiNo), one of Denver's prime and culturally vibrant neighborhoods. The midrise project is a joint venture between Hines and the Cresset Diversified Qualified Opportunity Zone (QOZ), and is expected to achieve LEED® Gold certification.
The 11-story, transit-oriented community includes a mix of studio, one- and two-bedroom offerings, all featuring beautifully designed modern kitchens with quartz countertops, in-unit washer and dryers, electric door locks, matte black fixtures, and stainless-steel appliances. Mica RiNo also offers a limited number of affordable units.
"We are proud to help Denver move the needle toward expanding housing, especially one that combines a sought-after luxury lifestyle with more access for residents including those seeking affordable options," said Chris Crawford, Hines senior managing director.
"At Hines we are committed to enabling people to thrive by delivering spaces that benefit individuals and communities alike—a core value I'm pleased to share with my fellow Coloradans."
What's the future of Denver housing?
From year to year, interest rates and home prices may always be unpredictable. But people will always need homes—and right now, we know exactly how many are needed in Denver.
As the Denver metro area addresses its shortage of 50,000 homes, it's important to take a long-term view on the housing it needs to fill that gap, while also creating the quality, community-enriching homes every one of us deserves.