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Multifamily Permit Activity Drops Sharply

DENVER-Permits for multifamily rental units fall 57% during the first seven months of the year compared to the same time in 2001. That signals supply and demand will be held in check, experts say.

By John Rebchook | Updated on September 25, 2002

DENVER-In the first seven months of the year, there were 1,959 permits for multifamily rental permits pulled, 57.08% fewer than the 4,562 permits issued through July of 2001, according to the latest figures from the Home Builders Association of Metropolitan Denver. In fact, there weren’t any permits pulled in July, which is considered more a statistical anomaly.

For example, in July 2001, there were 1,183 permits pulled but they occurred in only two counties–759 in Arapahoe and 424 in Denver. In other words, if developers had ulled their permits in June or August of last year, July of 2001 also would have had zero permits.

In any case, experts cheered the year-to-date drop.

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