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Best yet to come for apartment owners12 Nov

eff Hawks prepared a Power Point presentation detailing why the Denver-apartment market is poised to blossom with low vacancies, rising rents and incredible demand.

“I made the Power Point 10 years ago,” Hawks japed Wednesday, in the wake of a third-quarter report showing exactly what he predicted. “I only missed it by a decade,” said Hawks, a principal of the Denver office of Apartment Realty Advisors. Hawks, with partner Doug Andrews, has sold many billions of apartments in a career that has spanned more than 30 years in Denver.

The third-quarter vacancy rate was 5.3 percent. The last time it was lower was in the first quarter of 2001. Rents also are rising, according to the report released on behalf of the Apartment Association of Metro Denver and the Colorado Division of Housing. (For a previous report, please visit  Apartment vacancies fall.)

But Hawks is even more bullish on the direction of the rental market. Indeed, he said if the market absorbs another 9,000 units, it will be at a 98 percent occupancy rate, which he said is about as tight as a market can be.

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