Posted by: phillipsre | May 8, 2012

Quick Stats on the Rental Market

Five  Rental Market Quick Stats

1.   The current market vacancy rate hovers at 4.7%, but dips as low as 3.7% and 3.1% in certain areas (on the Eastside and in-city Seattle markets, respectively).

2.   Rents increased region-wide by 4.2% in the past year (the largest growth since 2008). Managers and investors are planning on pushing those rents up another 2.6% by next fall.  

3.   Not only are rents up, but concessions are down. Approximately 26% of properties are offering rent concessions, compared to 60% just two years ago.

4.   Developers are expected to open 5,000 units by the end of this year, a dramatic improvement over the 1,500 units that were opened last year.

5.   The average price per unit for an apartment building listed for sale is $127,000, a 7% increase over last year.  

All the stats for this article are courtesy of Dupre+Scott Apartment Advisors, Inc and SeattleRentals.com

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: