The last February that fewer than 100 permits were pulled was in 1994, when only 40 permits were pulled. IN February 1996, 1,084 permits were pulled.
The only permits pulled this February were in Westminster, a city along the northwest corridor.
Experts applaud the restraint developers are showing, by not continuing to build into a soft market.
Because of the existing pipeline, about 9,500 units will come on line this year, compared with 4,500 to 5,500 units in the early '90s, notes Steve Rahe, an apartment broker with CB Richard Ellis.
Rahe expects the pipeline of future apartment units to continue to slow in the coming years, until the market returns to previously robust levels.
Despite the huge drop, February is not one for the record books, Mike Rinner, of the Denver-based Genesis Group tells GlobeSt.com.
''I know some months in the late '80s, we had zero apartment building permits, so we saw a 100% drop,'' Rinner tells GlobeSt.com.
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