#615: Multifamily Down 15-50%: Where Denver Investors Are Finding Deals in 2026

The Denver multifamily market 2026 data is in — and it’s more complicated than most headlines suggest. Average rents have dropped back to Q4 2021 levels at $1,758. Vacancies have climbed from 5.8% to 7.5% in two years. Concessions have nearly doubled year-over-year to 10.1% of gross rents. And in some parts of the metro, prices are off 50% with zero buyer activity. So what does the Denver multifamily market 2026 actually mean for Front Range investors? Chris Lopez just returned from the Passive Pockets Summit in Cherry Creek and shares exactly what the Q1 numbers mean — and what he’s doing with his own portfolio right now. In This Episode We Cover: Why Denver Metro average rent is back at Q4 2021 levels and what that signals for 2026 pricing The supply shift that matters most: new units dropped from 6,056 to 2,796 year-over-year — and absorption finally outpaced new supply in Q1 How concessions doubling from 5% to 10.1% of gross rents masks the true rent decline Where multifamily prices have fallen 15-50% across the metro — and which submarkets have no buyers at all Why Colorado legislation is pushing institutional capital out of the state and what that means for local investors Chris’s own 4-plex update from Marcus & Millichap and why he’s holding despite the headwinds The non-performing loan strategy Chris is using to get multifamily exposure on the debt side right now His honest recovery timeline: 2026-2027 still rough, 2028 as a potential turning point If you’re sitting on single-family equity and wondering whether now is the time to reposition into multifamily — or if you’re already in the commercial space trying to read where this cycle goes — this is a grounded, data-first breakdown of where the Denver multifamily market stands right now. Have questions about your portfolio? Reach Chris at [email protected]. Watch the Youtube Video https://youtu.be/mOxV23KZKv4 Timestamps 00:00 — Denver multifamily market 2026: Back from Passive Pockets Summit — national trends meet local reality 02:03 — Why Denver multifamily (2-4 and 5+) is where Chris sees the real opportunity right now 03:02 — Q1 2026 Denver Metro data: rents back to 2021 levels, vacancy at 7.5%, concessions nearly double 06:33 — Denver multifamily price declines: down 15-50% across the metro, some areas have zero buyer activity 08:24 — Chris’s Denver 4-plex update and why small multifamily owners aren’t distressed 09:52 — Colorado multifamily recovery timeline and why legislation is pushing capital out of state 12:25 — Where Chris is putting new money: private lending and non-performing loans on Denver multifamily 13:10 — How NPL investing works and portfolio strategy options for Colorado real estate investors in 2026 Links in Podcast Marcus & Millichap Passive Pockets Property Llama