Vacancy continues to decrease and is reported at at the end of the third quarter, down from in the third quarter of 2011 and two years ago. With the number of units in the pipeline the vacancy rate could start to increase in 2013. From the early 1990s until early 2001, the vacancy rate in metropolitan Denver trended in the 4% to 5% range, allowing rental rates to increase and encouraging developers, investors, and lenders to start new apartment properties. As the economy slowed in 2001 and finally fell into recession, demand declined and the vacancy rate rose as new units came on line with a just in.
