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.
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