Apartment vacancies rose to 6.1 percent, compared with 5.2 percent during the third quarter, the lowest fourth-quarter vacancy rate since 2001, according to the fourth-quarter Denver Metro Apartment Vacancy & Rental Survey released Wednesday.
Average rent was up to $860.36, compared with $858.36 in the third quarter.
It’s still less than the peak of $865.76 in 2005.
“People in the apartment business are finally starting to make some money,” said Mark Wil liams, executive vice president of the Apartment Association of Metro Denver.
Some 2,262 apartment units were built in 2007.
The strong multifamily market continues to attract investors, said Steve Rahe, first vice president of CB Richard Ellis.
“Investors are coming from all over the country because they believe there’s three to five years of good rental growth in front of us,” he said.
Margaret Jackson
