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Apartment Outlook: Rising Vacancies, More Conversions

DENVER-The Genesis Group reports that as apartment vacancies rise, conversion to condominium may be an attractive alternative for owners/investors.

By John Rebchook | Updated on September 11, 2003

DENVER-Metro-area apartment vacancies, already at a 16-year high at 13.1%, will likely increase even more during the second half of the year, according to a report by the Genesis Group, a local firm that tracks all types of housing along the Front Range. Genesis says the large number of apartments still under construction will drive up vacancy rates.Also, apartment developers will likely continue to offer rental incentives to keep residents. “This will be particularly effective if interest rates begin to increase and make home ownership less affordable,” Genesis reports.

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