In the first quarter of 2003 the vacancy rate was 13.1% verse second quarter 2013 which is a 4.2% decrease.  The reason is the influx of people moving into the Denver area because of job growth from a recovering economy. In the Denver Post, dated July 25, Denver had 22 Rent-ready apartments out of 2,100, and the average rent for all apartment types rose 4.3 percent from the previous year.  If you factor increasing demand with a constrained supply, this is leading to increased rental costs.  While the rental market is very healthy with rents increasing and vacancies decreasing, the rent is increasing faster than wages, a situation that can’t be sustained.  There is a large number of apartments in the construction pipeline, which will be completed in the next two years, which will moderate this growth.