The May figures are the most recent by the local HBA. The 2000 figures were inflated by developers who were concerned that voters would pass Amendment 24 last year, which would have dramatically curtailed growth in the state, says Steve Rahe, an apartment broker with CB Richard Ellis. Instead, voters overwhelmingly rejected it.

''These numbers are consistent with what we expected,'' Rahe says. ''It's also consistent with our expectations that activity will continue to fall off through 2002. I think in 2003, we will be talking about the shortage of apartment units.''

Despite the overall drop, some areas, on the strength of a few big projects, showed a marked increase in permits so far this year. For example, Denver boasts 667 apartment permits in the first five months of the year, compared with zero during the same period in 2000. And Longmont, north of Denver, had 560 permits, vs. 48 in 2000.