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Multifamily Vacancy Rates Decline

DENVER-Area apartment vacancy rates fell to 4.5% in the first quarter from 4.7% in the fourth quarter. But the decline can't be pinned entirely on renters leaving apartments for single-family homes.

By John Rebchook | Updated on May 07, 2001

DENVER-For seasonal reasons, apartment vacancy rates typically fall slightly in the first quarter from the fourth quarter. And by some accounts, even more renters than normal this year were expected to flee apartments to take advantage of dropping mortgage interest rates.

For the past few years, the main reason renters have left apartment complexes in the metro area is to buy homes. But in the first quarter, Denver-area apartment vacancy rates fell to 4.5% from 4.7% in the fourth quarter. In the first quarter of 2000, the vacancy rate stood at 5.1%.

The latest numbers show the lowest first-quarter vacancy rate since the 3.9% in 1995, according to the quarterly Denver Metro Apartment Vacancy and Rent Survey.

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