The apartment-vacancy rate for metro Denver fell to 7.4 percent during the third quarter, marking the first time it has fallen in seven quarters, according to a report released Wednesday.

The vacancy rate is at its lowest level since the third quarter of last year, when it was 6.5 percent, according to the survey by the Apartment Association of Metro Denver and the Department of Local Affairs Division of Housing. In general, a vacancy rate of 5 percent is considered equilibrium.

A drop in the unemployment rate and continued population increases are likely contributors to the declining vacancy rate, industry experts said.

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