Tom Hart, director of the housing division, says he is surprised rates in the mountains weren't higher, given the terrorist attacks of Sept. 11, the drop in travel, and the slowing economy.

Although most ski communities saw their vacancy rates rise a great deal in terms of a percentage increase, most were well under 5%, considered a tight market.

And in Summit County, which includes the resorts of Copper Mountain, Keystone, and Breckenridge, the apartment vacancy rate remained at 0.3%, the lowest in the state.

''As far as I am concerned, those are just rounding errors," when the numbers are so low, says Jamie Fitzpatrick of the Denver-based Corum Group, which manages more apartment units in the mountains than any other company.

He says all of his communities in places such as Aspen and Vail are full. But one difference is that there aren't as many people waiting for units in past years, a sign that the supply and demand are closer to equilibrium than in recent history.

Colorado Springs had the highest vacancy rate at 9.1%. Fort Collins also had a high vacancy rate at 7%.

The average monthly rent was $781, down from $785 a year ago. Although a small decrease, it is the first drop in about nine years, Hart says.