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.
Market: Puget Sound
June 5, 2013
Prices for single-family homes and condos in the Puget Sound region rose 16% year-over-year in May, reflecting a decrease of 27% in inventory. As a result, more people are putting their homes and condos on the market; May listings increased from 3,602 to 4,352 year-over-year. During that span, interest rates increased 0.75%, reducing a buyer’s ability to buy a $350,000 home by almost $31,000.
As a result, the market is frustrating both buyers and sellers. Some “overly aggressive sellers” are disappointed when they receive low or no offers at all, while other would-be buyers are remaining inactive in the hopes that this will temper prices.
Read the full article at the Puget Sound Business Journal
Property Management Insider
June 4, 2013
Rents in the Seattle/Tacoma apartment market jumped 2.0% during 1Q 2013, taking the annual pace of growth to 4.2%. Some contributing factors:
- Tight occupancy (95.7% for Q1)
- Strong apartment demand (1,700 units for 1Q and about 7,400 for the year ending Q1) – Only Dallas and Houston had stronger absorption.
- Property managers that are use to dealing with high absorption; they won’t panic and underprice available units.