Apartment vacancy rates dropped to their lowest fourth-quarter average in 12 years to 4.9 percent from the 5.4 percent of the third quarter.
Vacancy rates rarely get below 4 percent, so the market is about as tight as it can get.
“The average rent in efficiency apartments outpaced other types of units, rising by more than ten percent in metro Denver,” said Ryan McMaken, economist for the Colorado Division of Housing. “This suggests that people are looking for the smallest, least expensive unit they can find in many cases, and that drives up rents for the smaller units too.”
The year 2013 has shown nothing but an active market thus far.