Metro Denver’s apartment vacancy rate inched slightly higher in the third quarter after falling to a 10-year-low in the second quarter.

But the rental market is still much tighter when compared with the third quarter of 2010.

The metro area’s vacancy rate was 4.9 percent in the third quarter, up from 4.8 percent during the previous period but down from 5.3 percent during the third quarter of 2010, according to a new report released by the Apartment Association of Metro Denver.

“Given the limited number of new additions to the inventory in the last two years, and especially during the last year, a somewhat lowering of the high unemployment rate, continued immigration, increase in metro area natural population, the very similar vacancy rate this quarter was expected,” the report states.

Average rent increased to $936.46 from $915.08 during the second quarter and $912.68 in the third quarter of last year.

Andy Vuong: 303-954-1209, avuong@denverpost.com or twitter.com/andyvuong