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Real Estate Investment Market Report for Colorado, Utah, and Texas: April 2021

multifamily investment financing

Investing in multifamily properties is a great option for those looking to get into real estate investing and feel comfortable with the responsibility and time commitment. Done right, they can be a great source of passive income. However, it’s important to have an in-depth understanding of how to find properties that will provide worthwhile returns on your investment, and subsequently acquire them. Crunching the numbers instead of being influenced by extraneous factors will quickly give you a comprehensive insight into an overall project.

Learn about the benefits and the challenges

Market Activity

Denver, CO
Market Overview

After one year of businesses shutting down amid the pandemic, the Denver office market is still tenant-favorable. 50 percent of negative absorption recorded in 2020 has hit the market due to the 2.1 million square feet of sublease space added in the past 15 months. There are only three net-growth leases larger than 50,000 square feet that tenants are expected to occupy throughout the next nine months. As a comparison, an average year pre-pandemic typically saw leases reach at least double-digits.

1,480
Homes Sold
$505,000
Avg. Home Price
$1,876
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
4.4%
Rental Vacancy Rate
0.5%
Homeowner Vacancy Rate
6.4%
State Unemployment Rate
Metro Area Unemployment
Boulder, CO
5.5%
Colorado Springs, CO
6.7%
Denver-Aurora-Lakewood, CO
6.7%
Fort Collins, CO
5.8%
Grand Junction, CO
7.2%
Greeley, CO
6.9%
Pueblo, CO
8.7%

Market Activity

Salt Lake City, UT
Market Overview

Through February 2021, Salt Lake City lost 7,300 jobs, or -1.0 percent year-over-year. The leisure and hospitality sector was hit hardest, losing 8,100 jobs. However, the sector has been adding back jobs for the past nine months. Professional and business services gained 1,200 jobs. Experts predict that all employment sectors will grow at a combined rate of 4.1 percent in 2021 and 5.1 percent in 2022. The market’s economy of $87.9 billion (as measured by gross regional product) is expected to grow 6.3 percent in 2021 and 7.1 percent in 2022.

352
Homes Sold
$485,000
Avg. Home Price
$1,225
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
5.4%
Rental Vacancy Rate
0.2%
Homeowner Vacancy Rate
2.1%
State Unemployment Rate
Metro Area Unemployment
Logan, UT-ID
2.1%
Ogden-Clearfield, UT
2.7%
Provo-Orem, UT
2.5%
Salt Lake City, UT
3.0%
St. George, UT
3.0%

Market Activity

Dallas, TX
Market Overview

The Dallas/Fort-Worth economy continues to recover. The unemployment rate is high compared to last year, but there are nearly 3.7 million people employed, reaching pre-pandemic levels. The state’s population increased by 106,758 people year-over-year and by 27,507 in the first quarter alone. As of March 2021, the population had reached a new high of over 7.8 million residents.

1,396
Homes Sold
$394,000
Avg. Home Price
$1,709
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
7.8%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
6.9%
State Unemployment Rate
Metro Area Unemployment
Abilene, TX
5.8%
Amarillo, TX
4.9%
Austin-Round Rock, TX
5.3%
Beaumont-Port Arthur, TX
10.8%
Brownsville-Harlingen, TX
10.0%
College Station-Bryan, TX
5.3%
Corpus Christi, TX
8.8%
Dallas-Fort Worth-Arlington, TX
6.5%
El Paso, TX
7.8%
Houston-Sugar Land, TX
8.0%
Killeen-Temple, TX
7.1%
Laredo, TX
7.9%
Longview, TX
7.8%
Lubbock, TX
5.8%
McAllen-Edinburg-Mission, TX
11.2%
Midland, TX
7.6%
Odessa, TX
11.0%
San Angelo, TX
6.1%
San Antonio-New Braunfels, TX
6.5%
Sherman-Denison, TX
5.7%
Texarkana, TX-AR
6.6%
Tyler, TX
6.5%
Victoria, TX
7.9%
Waco, TX
6.1%
Wichita Falls, TX
6.6%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. 

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