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Denver Apartment Market Makes Strong Third-Quarter Showing, 3.7% Vacancy Rate

DENVER-The metropolitan area's multifamily market is surprisingly strong, say analysts. Vacancy rates have declined, with absorption outpacing delivery better than two to one.

By John Rebchook | Updated on October 31, 2000

DENVER-Despite forecasts that the Denver-area economy is starting to slow, the local apartment market is surprisingly strong, a new report shows.

The Denver metropolitan area apartment vacancy rate have dipped to 3.7% in the third quarter from the 4.9% rate in the second quarter, according to the Apartment Association of Metropolitan Denver. Year-to-date, 3,061 units have been added to the market, but 6,674 units have been absorbed, Steve Rahe, an apartment broker with CB Richard Ellis told GlobeSt.com.

Buildings with 350 and more units have the highest vacancy rate at 4%, down from 5.6% last quarter. Buildings with 200 to 394 units are showing a 3.8% vacancy rate in comparison to 5.1%. The lowest vacancy rate – 2.3% – prevails in buildings with nine to 50 units.

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