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Multifamily Vacancies Jump to 11-year High

DENVER-The current vacancy rate of 6.8% compares to 7.4% 11 years ago, when the area was coming out of a real estate depression. Concessions have cropped up and are expected to continue.

By John Rebchook | Updated on October 30, 2001

DENVER-Metro area apartment vacancies rose to 6.8% in the third quarter, an 11-year high, shows a report researched and authored by University of Denver Business Professor Gordon Von Stroh. The last time vacancies were higher than in the third quarter was the third quarter of 1990, he says.

At that time, the vacancy rate stood at 7.4%, which was at that time was thelowest level in six years. Eleven years ago, the average monthly apartment rent was $399, compared with $827 today.

In the second quarter, the vacancy rate was 5.7% and in the third quarter of 2000 it was 3.7%. All six counties showed an increase in their vacancy rates. Also, 21 submarkets show an increase, 14 a decrease and two remained unchanged.

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