At the height of Denver’s multifamily success, the industry took some time this week to reflect on the progress they’ve made and the direction they’re heading.

At Denver’s Fall Multifamily Conference, a series of panels discussed the health of the Denver multifamily market. Hot topics ranged from the future of Denver’s neighborhoods to millennial-boomer tenancy and amenities.

Let’s take a look:

Denver Multifamily Market Overview

The conference kicked off with a market overview from Cary Bruteig of Apartment Appraisers & Consultants. Bruteig demonstrated that the Denver multifamily market is strong in terms of both rents and vacancy. However, a rapidly increasing supply might present a future risk.

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  Average rent in Denver is just above $1,300, and average vacancy is 4 percent.

• Since 2009, there’s been a 69 percent growth in Denver rents (i.e., average monthly rent).

• Over 50 percent of Denver’s permits are going to apartments, compared to the 2:1 national ratio (single family to multifamily).

• Projected population growth is 51,000 people next year. However, projected job growth is 38,000 jobs per year (slowing).

• Denver has exceeded $3 billion in total multifamily transactions.

Due to new supply and slowing job growth, Bruteig warns that Denver may soon be entering a risk area: “Absorption would have to remain very high to balance demand.” For now, however, the numbers in the Denver multifamily market are strong, and Bruteig predicts at least another strong year.

Denver Architecture: The Mixed-Use Revolution

To kick off the architecture discussion, decorated architect Jeff Sheppard (Roth Sheppard Architects) posed a question: “Denver is a great city. Why the bad buildings?”

Sheppard questions the quality of architecture in urban housing. Originally, he voiced his concerns in a viral op-ed piece for The Denver Post, which consequently sparked similar discussions in cities around the country.

“Denver has too many dead streets,” said Sheppard. However, that’s not “how we become a great walkable city,” he added. Additionally, that’s not “how we shape the world our kids will live in.”

According to Sheppard, Denver’s developers should focus on mixed-use buildings, and specifically on how their designs shape the street-level experience.

“Both zoning and design should focus on the base of the buildings — instilling depth, texture, and character to those street-level spaces,” said Sheppard.

Density alone is not enough to make a city walkable. Consequently, architects must focus on preserving the fabric of the neighborhood, said Sheppard. The panel presented several examples from Denver’s RiNo neighborhood, where common spaces “open to the streets” and industrial building facades have the right touch of “whimsy and depth.”

“Architecture should respect the great opportunity that Denver provides—a great climate and a great culture.”

Millennial Trends Drive Development

“Lifestyle design” was a common theme among the Denver development panel, from branding to amenities. The conversation quickly turned to millennials, and each panelists explained how they were catering to millennial expectations and lifestyles.

“Millennials are an active generation,” said Brian Hutchinson (RedPeak Properties), “so we’ve been focusing on well-designed fitness centers. Dog washing stations are also inexpensive, but attractive.”

Scott McClave (The Bascom Group) added that his company has turned their attention to “convenience technology.” For example, technology systems that allow you to adjust lights or AC from your smartphone or stream live video of your apartment to check on your pet.

The panelists reminded us, however, that all that glitters is not gold.

“There’s a difference between amenities that attract and amenities that people actually use,”  said Brian Wynne of Mill Creek Residential. Media centers and TVs aren’t as functional as they used to be because residents can watch TV in their units (or even on their phones).

Baby Boomers & Millennials Are Not Mutually Exclusive

Despite the heavy focus on millennials, baby boomers found their way into the panel discussion, as more and more empty-nesters are opting for a renter’s lifestyles.

“We often think of these two groups as mutually exclusive,” said McClave. “But in reality, baby boomers and millennials want a lot of the same things: location, technology, amenities.”

In closing, all panelists agreed that the growth of the Denver multifamily market is being driven by its quality of life. In short: “The climate, the community, the schools… it’s all here,” said McClave.