DENVER BUSINESS JOURNAL - While the vacancy rate for metro Denver apartments rose to its highest level in two years, it's still considered a tight landlord's market and rents across all Denver-area counties continued to rise, according to a vacancy and rent report released Monday.
The area's vacancy rate rose to 5.2 percent in the fourth quarter, up from the 4.9 percent rate in Q4 2012 and also from the 4.4 percent vacancy rate in Q3, according to the report published by the Apartment Association of Metro Denver and the Colorado Division of Housing.
"Seasonally, an increase in vacancy is expected for the fourth quarter, but since vacancies are up year over year, that does show that new apartment construction, especially in downtown Denver, is starting to create a few more vacancies." said Ryan McMaken, an economist with the state. "The rising vacancies have not been enough to immediately push the average rent down, however, and measured year-over-year, we find the average rent actually increased a little more in the fourth quarter than in the third quarter this year."
The report notes vacancy rates rose in all counties of the study, except for the Boulder/Broomfield area where the vacancy rate dropped to 3.4 percent.
Read the full report on the Denver Business Journal: http://bit.ly/1dgXjC3.