Its most recent report, which goes through February, found only 948 multifamily unit permits had been issued, compared with 1,818 a year ago. In fast-growing Douglas County, for example, no permits were pulled in the first two months of this year, compared with 537 in the same period in 2000.

Jeff Hawks, an apartment broker with Grubb & Ellis, says the drop was expected. "The main reason is that a lot of developers ran out and pulled a lot of permits last year, worrying about the (anti-growth) Amendment 24 would pass," Hawks tells GlobeSt.com. Because the amendment was soundly defeated, many developers got ahead of themselves, Hawks adds.

"It's very consistent what we tend to see," Hawks says. "We tend to have a big year, followed by a small year, then a big year again. When builders pull a lot of permits one year, the perception is that we may be facing overbuilding, so lenders tend to pull back a little bit. That makes it a little tougher for developers to get financing."