An article from the Denver Business Journal, reports that according to a report released by Hendricks & Partners, construction of apartments in the Denver area is expected to increase this year as developers move away from a softening condominium market. The company's research states that developers built 2,262 units in 2007, and expects that number to reach between 2,500 and 3,000 units in both 2008 and 2009. Also noted in the report is 217 new units were completed in the first quarter of 2008. According to Hendricks & Partners, the rise in foreclosures in the Denver area is increasing demand for apartments. The average rent rose 2.3% from a year ago, and is the strongest year-over-year increase since mid-2004. By the end of 2009, the company predicts the average apartment rent will pass $900, setting a new record high.
http://www.bizjournals.com/denver/stories/2008/06/16/daily14.html?b=1213588800^1651592
http://www.bizjournals.com/denver/stories/2008/06/16/daily14.html?b=1213588800^1651592
