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It’s tougher to find a Denver-area apartment to rent and you’ll have to pay more, a new report shows.

Multi-family vacancies in the Denver area dropped to 4.9% in this year’s second quarter from 5.1% in the first quarter, even though the vacancy rate is up from one year and two years ago, according to a report by the Apartment Association of Metro Denver. Rates a year ago were 4.5% in comparison to 4.6% in 1998.

Buildings with at least 350 units had the highest vacancy rate – 5.6% – while buildings with 200 to 349 units were 5.1% vacant. Lowest vacancies were found in buildings with two to eight units, with only 1.7% empty.

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