Economy downturn triggered low businesses; low businesses triggered mass layoffs; mass layoffs triggered unemployment rate; and the unemployment rate triggered many other things. The increase in apartment vacancy rates is one of them.
The apartment vacancy rate in Denver has increased from 6.1 percent in the last quarter of 2007 to 7.9 percent in the last quarter of 2008. But the apartment rent has not decreased with the increase in vacancy rates. Rather, it has increased by $28 in last quarter of 2008 compared to last quarter of 2007.
The statistics of unemployment rate in Colorado hint that, it is the increased unemployment rate, which has elicited the increase in apartment vacancy rates of Denver. In December, the unemployment rate in Colorado was 6.1 percent.
According to the analysts, the 5 percent of vacancy rate is considered as symmetry. Less than 5 percent shows taut markets and more than that as low running markets.
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