The apartment vacancy rate for metropolitan Denver dropped to its lowest level in nearly seven years, according to data released today by the Apartment Association of Metro Denver.
During the third quarter, the vacancy rate dropped to 5.3 percent, the lowest it has been since the first quarter of 2001, when it hit 4.5 percent.
For the third quarter last year, the vacancy rate was 6.7 percent. It was 7.7 percent during the same quarter of 2005.
Historically, vacancies drop during the third quarter.
All six counties surveyed showed a decrease in vacancy rates.
The average rental rate decreased to $858 for the third quarter, down from $865 for the same period last year.
About 586 new apartments were added to the inventory during the third quarter.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
