Fancy amenities started gaining traction in Denver's apartment market more than 10 years ago, but as the market keeps changing, the tides seem to be shifting back toward a focus on people and processes to retain tenants.

That’s according to panelists at Bisnow’s Multifamily Annual Conference Rockies on Sept. 17 at the Grand Hyatt Denver.

Renewals now often come with giveaways of their own, said Frank Campise, managing principal of JAB Real Estate. Owners can’t afford to lose heads in beds, even if it means a rent cut or sweetener at signing.

The days of winning with gyms and rooftop decks are over, said Matt Knotts, construction project executive at The Garrett Cos.

“People matter more than anything else,” Knotts said, pointing to community managers and leasing staff as the true differentiators in a crowded Class-A field.

Smaller properties where service is the amenity are coming back into favor, according to Narrate principal Adam Fenton.

“We’re keeping renewals net effective flat or down,” Fenton said, arguing that a smooth, resident-focused experience keeps turnover costs low and occupancy steady.

Others are finding opportunity further down the food chain. Campise said the reset in Class-B and -C pricing, often 35% to 40% off peak rents, has made those assets viable again, a shift from just a few years ago when capital only wanted shiny new builds.

That hunt for value is playing out alongside a different kind of squeeze: one driven by rising operating costs and new regulations.

Trammell Crow Senior Vice President Lee Ferguson ran through the list of expenses, including insurance, taxes and utilities. New limits on utility pass-throughs, set by state law, have many owners leaning on third-party providers like Conservice to stay compliant.

But even then, lease-up windows mean some expenses can’t be recovered for a year or more.

Policy layers are adding pressure too. Inclusionary housing rules and long development plan timelines already weigh on Denver projects. Now, emissions benchmarks believed to be required under city and state programs, from EV-ready garages to all-electric systems, are stacking up as new line items in budgets.

Several panelists suggested those requirements could send more projects to Colorado Springs or out of state.

Despite the headwinds, operators are finding ways to adapt. Self-guided touring has become a standard tool, letting prospects see units after hours and freeing staff for resident care. Leasing models are leaner, with roles like assistant superintendents redeployed once a building hits 50% occupancy.

“It’s about getting back to basics,” Knotts said.