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DENVER-The area multifamily rental market moved from a red score of 31 in the second quarter to a very strong yellow score of 66, according to Moody’s Investor Service, which ranks commercial real estate on a red, yellow and green scale. The multifamily supply has thinned out from 4% of inventory last quarter to 3.2% this period, although Denver remains the most vigorous construction pace of the 53 markets in the survey, after Atlanta, with a 3.4% building rate, Moody’s notes.

“However, the big news is a recovery in expected absorption, from a mere 0.5% a quarter earlier to 2.6%, notably above the national norm of 1.5%,” Moody’s says.

In addition, employment growth is expected to rebound next year in Denver.

“Given the sluggish performance last year and this (year) in the local economy, the bounce in absorption for the next year is thus coming off a somewhat depressed base,” according to Moody’s.

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