Southern California developers plan to build a 60-unit student apartment complex on the west edge of GonzagaUniversity.

David Schneider, director of a development group based in San Clemente, said he and his partners plan to build a second student housing complex in the Spokane University District after the GU project is finished in summer2016.

Schneider said his company has done several off-campus projects, including construction near Michigan State University and near a California State Universitycampus.

Their project, called the Ruby Apartments, will go into an acre of land on the east side of Ruby Street northeast of

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Southern California developers plan to build a 60-unit student apartment complex on the west edge of GonzagaUniversity.

David Schneider, director of a development group based in San Clemente, said he and his partners plan to build a second student housing complex in the Spokane University District after the GU project is finished in summer2016.

Schneider said his company has done several off-campus projects, including construction near Michigan State University and near a California State Universitycampus.

Their project, called the Ruby Apartments, will go into an acre of land on the east side of Ruby Street northeast of the former CompUSA building. It adjoins one of Gonzagas parking lots and is a stones throw from the schools DussaultApartments.

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Apartment construction near Gonzaga set for spring - Fri, 24 Oct 2014 PST

A no vacancy sign is displayed outside of an apartment building on Pearl Street in Capitol Hill. Vacancies in Denver are at near all-time low. (The Denver Post file)

Metro Denver apartment vacancies dropped to 3.9 percent in the third quarter, the second lowest recorded rate.

Finding a place to lease was only tougher during the third quarter of 2000, when the information-technology boom made Denver one of the top places to live in the U.S. and the vacancy rate dropped to 3.7 percent, said Patty Silverstein, chief economist for the Metro Denver Economic Development Corp.

"It's a near historic low ," she said. "You are going to start seeing a continual escalation of rental rates. You definitely will have to pay a little bit more to get that same apartment."

Rents averaged $762 in the second quarter of 2000, compared with $1,145 during the third quarter of 2014, and up from $1,117 in the second quarter and $1,073 in the first, according to figures released Friday in the Denver Metro Area Apartment Vacancy and Rent Survey. The statistics were compiled by the University of Denver's Daniels College of Business and Colorado Economic and Management Associates.

Silverstein said the drop to 3.9 percent from 4.7 percent in the second quarter was surprising because of the number of new apartments being built. She said 9,145 new apartments were built in 2013, 8,700 new apartments are expected to come online in 2014 and another 8,700 in 2015.

"Even in the face of construction workforce shortages, apartment communities continue to sprout up across the metro area," said Mark Williams, executive director of the Apartment Association of Metro Denver. "However, it's still hard to keep up with demand, which is growing at least as quickly."

The report noted that more people are moving to Colorado than are leaving, with net in-migration projected at more than 55,000 next year, far above the historical annual net in-migration of 40,000.

"You just look at the lease-up that is going on, it is just phenomenal," report co-author Ron Throupe said. "Denver is becoming one of the major cities. It is no longer secondary."

Rapidly rising home prices have pushed potential buyers out of the market and into rentals, Silverstein said. But she said said people with professional aspirations also are flooding the market.

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Rents soar as apartment vacancies in metro Denver near all-time low

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Syracuse, N.Y. Kathleen Pulito had her eye on the house where she lives now for much of her youth.

She grew up in the city's Valley neighborhood and would often pass by the home at 5600 S. Salina St., where she has lived for the past 13 years. There's a porch off what is now her bedroom that she admired for years from afar.

"There would be people sitting up there having a drink or a glass of wine," she said. "I always imaged it would be me."

Pulito first moved into the house when it was carved up into a number of apartments. She eventually bought the building and converted it over time back to a single-family home.

Pulito is a graduate student at Syracuse University. Her husband Chris works in the hospitality business in Lake Placid.

They have three kids and are planning to move to the suburbs. Pulito said she'll have a hard time leaving the house behind.

"I'm not excited to be selling," she said. "I'm going to miss it a ton."

Her favorite spot in the home now is a playroom upstairs, she said. It keeps the mess from her children confined to one area.

"When company comes over, the first floor isn't a disaster," she said.

The property has a great backyard with a playhouse for her kids, Pulito added. The home also has a pole barn Pulito added herself in 2006 when she owned landscaping business.

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House of the Week: Renovated 19th century home in the city

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