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Latest 2000 Report Shows 84.3% Jump in Multifamily Permits

DENVER-It's been 17 years since Denver's multifamily market has had this much activity. The latest 2000 accounting shows 9,844 permits have been pulled, up 84.3% from 1999. The push started prior to November's sound defeat of a growth control amendment.

By John Rebchook | Updated on March 08, 2001

DENVER-Developers in the metro area pulled 9,844 permits for apartment units last year, the most since 1973 and 84.3% more than in 1999, shows a report by the Home Builders Association of Metropolitan Denver.

Carey Bruteig, principal of Apartment Appraisers & Consultants, says the number was so high because apartment developers rushed to pull permits in the event that voters approved Amendment 24, which would have controlled growth, but went down the tubes by a 70% margin in November.

He says the other driving force is the region’s strong apartment market, one marked by low vacancies and rising rents. The last time the apartment market approached last year’s activity level was 1984, just before the local economy collapsed due to falling oil prices.

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