October 2, 2013
Market: Puget Sound, WA
Dupre + Scott reports the overall apartment vacancy rate in the Puget Sound region fell from 5.5% a year ago to 4.6% today despite the 7,200 new apartment units that came online during this span (the most in a year since the early 1990s). This spike in demand is partly due to the 49,900 new jobs created in the region in the past year.
As apartment demand continues to increase, rents in the Puget Sound have risen correspondingly. Region-wide average rents jumped 6.6% year-over-year to over $1,100 and are expected to gain another 2.7% by March 2014.
Read more at Dupre + Scott.