ECON
2019
ECONOMY | COMMUNITY | OUTLOOK | NETWORK
BY JOSEPH DUCATTE
L
ast month, AAMD
hosted its annual
Summer Econ,
which attracted industry
leaders and professionals as
participants, presenters and
sponsors, and serves as an
educational opportunity to
understand the Colorado
housing environment.
This year, the focus was on
future trends in and the
overall health of the housing
industry.
“People are surprised
to learn that average rent
growth was actually below
infl ation over the past year.
When measured against
the costs of all of the other
goods and services, rents
are actually more aff ordable
today than a year ago,” said
Teo Nicolais, a housing
provider, and Instructor at
Harvard Extension School.
“Within the last few years we’ve reached
an important milestone in Denver’s
housing market: new construction
outpaced household formation. In
2015, rents grew by almost 9% but in
2017 rents increased by just 0.6% after
adjusting for infl ation. Since then,
annual rent growth has hovered at
around 0.5% and, in two quarters, was
actually negative when adjusted
for infl ation."
This year’s conference featured a
diverse array of speakers and presenters,
36 | TRENDS AUGUST 2019
ELIZABETH GARNER THOMAS FREY
TEO NICOLAIS JIM LAPIDES
including Colorado economist Elizabeth
Garner, futurist Thomas Frey, Jim
Lapides from the National Multihousing
Council and local owner and industry
expert Teo Nicolais. These experts
discussed the latest housing trends and
the present and future economic health
of Colorado’s housing industry.
Frey off ered insight on what cities
might look like in the future and how
multifamily executives might adapt
housing to meet the changing needs
of a future population. According to
Frey, cities will lose revenue streams
due to futuristic technology. “Drones,
cryptocurrencies, universal WiFi, and
driverless technology are imminent and
will change most facets of our day to day
lives,” he said. “It’s something
to think about when looking and
planning ahead.”
Garner covered trends in population
growth, showing that while Colorado
continues to see growth, it’s at a
declining rate. “While population
growth for CO is slowing, approximately
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