The Denver February 2026 market update is here, and active listings nearly hit 9,000 — 5% above last year — with Chris Lopez calling for inventory to break 15,000 before summer. At the same time, rates briefly touched below 6% for the first time in recent memory, triggering a refi wave that helped some borrowers drop from 6.625% to 5.75% with closing costs covered. The purchase market, though, barely flinched.

Chris Lopez hosts the Denver February 2026 market update roundup with Brandon Scholten of Keyrenter Property Management and Troy Howell of Nova Home Loans. Together they dig into the latest DMAR report numbers, two deals that closed this month, and some candid takes on where Denver’s apartment market, condo segment, and office sector are actually headed.

On the deals side, Troy walks through a Pueblo duplex acquisition where the buyer used a DSCR cash-out refi on a free-and-clear rental to cover the full 30% down — plus walking away with cash left over. And an Aurora 14-bed triplex that went from a webinar deal to a signed contract to a 3pm closing, all at 5% down, a $27K seller credit, and a 5.625% rate on a 30-year fixed.

In This Episode We Cover:

Why Denver’s inventory jump in February was historically unusual
Who actually locked when rates dipped below 6% — and what they saved
Chris’s call that closed prices will fall further in 2026
The Fannie Mae condo rule that’s killing deals in otherwise solid complexes
How one investor bought a Pueblo duplex with no cash out of pocket
The Aurora triplex that went from webinar deal to closing day in one month
Why stadium proximity rarely pays off the way investors expect
Denver’s real apartment vacancy rate — and why 2028 looks very different
The affordable housing fee lawsuit and what it means for small developers
Where downtown office demand is actually going

Whether you’re managing existing rentals, watching for the right entry point, or actively building your Colorado portfolio, this episode gives you the ground-level data and deal examples you need to make sharper decisions this spring.

Watch the Youtube Video

https://youtu.be/7P4EG-QAbdU

Timestamps

00:00 — February Denver Market Overview — Active Listings Up 5% Year Over Year to Nearly 9,000

03:27 — New Listings Jump 9.25% From January — Why This February Was Unusual

04:15 — Rates Briefly Dip Below 6% — Troy on Who Actually Locked and What They Saved

06:19— Closed Prices Down 3% Year Over Year — Why Chris Expects Further Declines in 2026

08:57 — Colorado Springs Snapshot — Homes Down 2–4% While Condos Surprise to the Upside

09:58 — The Condo Lending Problem — Why Fannie Mae Is Killing Deals in Complex Communities

14:01 — Deal: Pueblo Duplex Financed 100% Using a DSCR Cash-Out Refi on an Existing Rental

18:34— Deal: Aurora 14-Bed Triplex — 5% Down, 5.625% Rate, $27K Seller Credit

22:10 — Should You Buy Near the New Broncos Stadium? The Panel Gets Honest

31:01 — Apartment Vacancy Is 12.3% When You Count Unrented New Units — And What Changes by 2028

33:05 — Apartment Permits Down 43% Since 2021 — The Supply Math That Points to Recovery

37:50 — RedT Lawsuit Dismissed — Denver’s Affordable Housing Fee Fight and What It Means for Builders

42:10— Downtown Denver Office Losses Top $1 Billion — Where the Demand Is Actually Going

46:31 — Wrap and Panel Final Thoughts

Links in Podcast

Thousands of apartments sit empty around the Denver metro, but experts warn a shortage may be looming.

How offering $50,000 and free rent helped one Denver apartment building stand out

Homebuilder loses lawsuit calling Denver affordable housing fee ‘extortion’

Downtown Denver office losses top a billion, with more to come

DMAR February 2026 Market Trends Report (member-only)

Metro Denver’s housing market revs up as affordability improves

Golden Triangle apartment complex raises bar for incentives to attract tenants

Apartment rents fall to early 2022 levels in metro Denver

Connect With Our Guests

Troy Howell: troy.howell@novahomeloans.com

LinkedIn: Troy Howell
Website: https://www.novahomeloans.com/loan-officer/troy-howell/

Brandon Scholten: brandon@keyrenterdenver.com

Website: https://keyrenterdenver.com/

Who is Keyrenter?

Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver’s team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them.

Who is Nova Home Loans?

For over 40 years, we’ve been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today!

NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO