Posted by: phillipsre | October 21, 2014

Seattle Rental Market Vacancy Rates & Rent Updates

apt_for_rentGood news for landlords and rental property owners around the Seattle area, Dupre + Scott, surveyed nearly 90 percent of all complexes with 20 or more units and calculated the average rent at $1,103, up 3.7 percent from March and nearly 5 percent from last September. Dupre + Scott also predict that the next few years will produce more units than we have seen in the last 20 years. More information from Dupre + Scott can be found here. Renters looking for units to rent will have a variety of options in Seattle and the surrounding areas, but they may have to pay a little more, but on average Dupre + Scott projects that the rents will eventually flatten out. Because of the large supply of apartments, renters might also see more concessions from landlords trying to fill buildings, free months rent or other perks might be thrown in during the move in process. This story from the Seattle Times outlines the Dupre + Scott report, as well as information gathered from Apartment Insights. Additionally, Dupre + Scott reported the vacancy rate is just 2 percent on First Hill, 2.2 percent in the University District and 2.3 percent on Capitol Hill.

Photo Credit: Dupre + Scott

Photo Credit: Dupre + Scott

But as we see in this graph from Dupre + Scott, the market vacancy rate in the entire Puget Sound region is 3.8%. Which is up from 3.6% in March. Vacancies have hovered at or below 4% for two years now. The market rate excludes vacancies in new construction that are in lease-up. When you count those, the gross vacancy rate is 4.7%. That’s down from 5% in March. The drop in the gross vacancy rate means that demand is still outpacing supply which is helping new units lease up. There are 8,900 units in lease-up today and they are already 74% occupied. If you are one of the many, in search of a new rental, click here to see what Phillips has available.

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