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Apartment Perspective: News and Analysis about the Denver Metropolitan Area Apartment Market

Job growth traditionally has been the driving engine for apartment demand in a city like Denver. Other influences assist to some extent, such as retirement housing and student housing, with the latter especially important in Boulder. The rebound from the Great Recession is helping to generate that demand, which is especially fortunate considering the number of new units that will be entering the market over the next year. Government backed financing served as the primary vehicle for apartment construction following the financial crisis in 2008. The lack of financing options limited development to smaller affordable apartment communities with less than 100 units rather than larger market rate. | 90 Madison Street Suite 300 Denver Colorado 80206 303-388-1100 www.jres.com Fourth Quarter 2012 Apartment Perspective News and Analysis about the Denver Metropolitan Area Apartment Market Overview Inside this issue The apartment vacancy rate in metro Denver declined to 4.3 at the end of the third Overview 1 quarter of 2012 down from 4.8 in the second quarter and 4.9 in the third quarter The Metro Denver Econ- 1 omy The Metro Denver Apart- 1 ment Market Apartment Sales 6 During 2012 of 2011. This is the lowest level of vacancy in Denver for over a decade. It reflects increasing demand as Denver recovers from the Great Recession and until now a lack of new construction. The data used in the Apartment Perspective comes primarily from the quarterly Denver Metro Apartment Vacancy and Rent Survey conducted by Jennifer L. Von Stroh and Ron L. Throupe Ph.D. for the Apartment Association of Metro Denver AAMD . The trend during the last year continues one experienced since 2008 when the vacancy rate for metro Denver topped out at 8.1 . Forecast 2013 Methodology Addenda 6 Vacancy rates were generally lowest in older and smaller buildings reflecting the entry 6 into the rental market of larger new projects. For example the vacancy rate for properties built since 2005 was 5.2 as compared to a 1.8 vacancy rate in buildings con- 7 structed between 1940 and 1949. By location vacancy rates were lowest in Boulder Broomfield and Jefferson counties and highest in Arapahoe although every county was enjoying vacancy rates of under 5 . By unit size vacancies were lowest in efficiency studio one bedroom and three bedroom apartments and highest in two bedroom units. Charts and Graphs Distribution of apartment units by county page 2 Construction Absorption page 2 Units under construction by county page 3 Vacancy net absorption and development trends page 3 Proposed units by county page 4 Monthly Average rent page 5 Addenda Tables page 7 Metro Denver Economy According to Colorado Department