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Multifamily Rental Permit Activity Rises

DENVER-Betting the economy will be in better shape when newly-constructed units are ready for occupancy, developers have pulled permits for 33% more units in the first nine months this year compared to the same time in 2000.

By John Rebchook | Updated on November 29, 2001

DENVER-Although the multifamily rental vacancy rate of 6.8% is an 11-year high, developers pulled 32.88% more permits in the first nine months of the year then they did during the comparable period in 2000, shows the most recent report from the Home Builders Association of Metropolitan Denver. Through September, developers pulled permits for 7,730 permits.

For the month of October, permit activity soared by a whopping 249.6%. Developers pulled 2,192 permits in October, compared with only 627 in October 2000.

In Parker, Lakewood and Jefferson County, developers, respectively, pulled 492, 525 and 228 permits. By comparison, developers didn’t pull any permits in those areas last October.

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