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Apartment Vacancies Increase in Q4

DENVER-The Denver-area apartment vacancy rate increased slightly to 7.9% for the fourth quarter of 2005, up from 7.7%, in the third quarter of last year. This is not uncommon, says one analyst, as vacancy rates typically rise for seasonal reasons in the fourth quarter from the third quarter.

By John Rebchook | Updated on January 27, 2006

(To read more on the multifamily market, click here.)

DENVER-The Denver metropolitan area apartment vacancy rate increased slightly to 7.9% for the fourth quarter of 2005, up from 7.7%, in the third quarter of last year. Typically, vacancy rates rise for seasonal reasons in the fourth quarter from the third quarter, notes Gordon Von Stroh the University of Denver business professor who compiles the report for the Apartment Association of Metro Denver.

Buildings with nine to 50 units had the highest vacancy at 10.1%, down from 10.3% for the third quarter. Buildings with 100 to 199 units had the lowest at 6.1 % vacant, down from 7.1 % vacant in the third quarter. Historically, larger buildings have the highest vacancy rates. Buildings constructed in 2005 had the highest vacancy at 24.8%. Buildings constructed from 1950 to 1959 had 11.4% vacancy, down from 11.7% for the third quarter of 2005. Those constructed from 1990 to 1999 had 7% vacancy, up from 5.9 % for the third quarter, while buildings constructed between 2000 and 2004 had 7.3% vacancy, up from 6.8%.

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