In a telling move, a Denver developer turned his market rate apartment complex into a building for moderate-income renters. As the local economic downturn continued the developer, of the Broadway Plaza Lofts decided to target affordable housing and obtained some funding for the project from affordable-housing tax-revenue bonds. The vacancy rate for metro-area apartments was 13.7% in the first quarter of 2003. This compares to vacancy rates in the single digits for apartments with rents below the average. (Denver Post, July 13, 2003).
Commentary: We are still in the peak rental season and we are still seeing a large number of potential renters out looking. This season still shows a much larger number of rentals available from last year at this time. Pricing is still the biggest attraction. There are areas in town that are still very popular?this season it is the area just north of downtown. Those properties on the east and south sides of town are still renting but at a slower rate and a lower rent.
