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Multifamily Rental Permit Activity Soars

DENVER-Despite a 26.7% jump in permits issued in the first 10 months of the year, one multifamily broker cautions those figures represent projects in the pipeline, and future growth is likely to be slower.

By John Rebchook | Updated on December 18, 2001

DENVER-In the first 10 months of the year, developers pulled 8,351 permits for multifamily units, 26.76% more than the 6,588 permits issued in the seven-county metro area during the same period in 2000, according to the most recent Home Builders Association of Metropolitan Denver. But, there already are signs that the permit activity, which measures future growth, is slowing.

“These are all projects that were in the pipeline,” Steve Rahe, an apartment broker with CB Richard Ellis tells GlobeSt.com. “Developers were seeking approval for these projects in 1999 and 2000, when there was a shortage of supply.”

Rahe tells GlobeSt.com that permit activity will be slowing next year.

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