At that time, the vacancy rate stood at 7.4%, which was at that time was thelowest level in six years. Eleven years ago, the average monthly apartment rent was $399, compared with $827 today.
In the second quarter, the vacancy rate was 5.7% and in the third quarter of 2000 it was 3.7%. All six counties showed an increase in their vacancy rates. Also, 21 submarkets show an increase, 14 a decrease and two remained unchanged.
The rising vacancies are forcing landlords to offer the most aggressive discounts and concessions that they've offered since Denver's real estate depression of 1986 and 1987, says Tom Lunistra, president of the ApartmentFinders International, one of the sponsors of the quarterly survey.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
