This year, growth is expected at only 0.9%. And population growth is expected to slow to 1.5%, almost half the 2.8% in 2001.
The report notes that Denver's economy should start to recover late this year or in early 2003.
But from a long-term perspective, the quality of life, and economic diversity, as well as over-weighting in high-tech and telecommunications industries will make Denver a strong renter market, the report notes.
Until the recovery gets underway, some new multifamily rental developments will be put on hold, as 4,000 to 6,000 new units are expected to begin lease-up this year, the report notes. Average vacancy rates will creep up to 11% from its current level of 10.1%, according to Hendricks & Partners.
''Rent growth will follow a similar pattern, decreasing 3% in 2002, then beginning to strengthen as vacancy rates improve in 2003,'' the report says.
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