Seattle – Apartment Insights’ 2nd quarter results show the Pierce and Kitsap county markets holding up much better than the King/Snohomish market, states Tom Cain of Apartment Insights. The data is from his Seattle firm’s statistics and trends on 50+ unit properties in the Central Puget Sound market.
VACANCY
Pierce: 6.3%
The vacancy rate in Pierce County is 6.3%, up from 6.1% in the first quarter. This second quarter’s vacancy increase is moderate compared with the increase in the two previous quarters. The market peaked in terms of occupancy in the third quarter of 2008 when the vacancy rate was 4.3%. University Place/Fircrest is the tightest submarket at 5.1% vacancy, and Puyallup is the weakest submarket at 7.9%.
The vacancy rate for all conventional properties including those in lease-up is 6.5%.
Kitsap: 5.0%
Since this is our first quarter in this market, we aren’t able to make comparisons to past performance. However, in the course of surveying this market, managers told us that the market had been softer leading up to the second quarter. The vacancy rate for Kitsap County is 5.0%. This is the strongest among the Pierce, King and Snohomish county markets. Silverdale is the strongest submarket with a 3.3% vacancy rate. Bremerton is the weakest at 6.5%.
The vacancy rate for all conventional properties including those in lease-up is 6.2%.
CONCESSIONS
Pierce: $31 per Month (3.7%)
Kitsap: $31 per Month (3.7%)
Coincidently, both counties are at $31 per month (3.7%) for concessions, or rental incentives. In the previous quarter in Pierce, concessions were at $20 per month, or 2.4%.
The area in Pierce with the highest concession percentage is Gig Harbor (8.6%), and the lowest is in Lakewood (2.1%). In Kitsap, there are no rental incentives in Port Orchard, while Silverdale is running at a 5.3% rate.
RENTS
Pierce: $833 per Month
$0.98 per Square Foot
Kitsap: $833 per Month
$0.99 per Square Foot
We find it interesting that the average rents for conventional, stabilized properties are the same in each county as well. Historically, these two markets have acted very independently from one another. However, it appears at this moment in time, that at least statistically, they are amazingly similar.
In Pierce, Puyallup is achieving the highest rents at $976 per month, or $1.04 per foot. Rents are lowest in Lakewood at $774 per month, or $.98 per foot.
In Kitsap, Silverdale has the highest rents at $957 per month, or $1.04 per foot. The lowest rents are in Port Orchard at $750 and $.92.
Rents in Pierce County have declined $6 per month since last quarter.
KING/SNOHOMISH COMPARISON
It is well known that the King/Snohomish market has much higher rents than those in Pierce and Kitsap. This won’t change in the foreseeable future. However, our comparison will focus on changes in rents, and vacancy and concession levels, clearly showing that the two less populated counties are outperforming their counterparts in the metro Seattle area.
Taken together, Pierce and Kitsap counties are averaging a vacancy rate for conventional, stabilized properties of 6.1% versus 7.2% for King/Snohomish. Concessions are running much lower in Pierce and Kitsap, 3.7% compared to 7.9% for King/Snoh-omish. As previously noted, since we just began surveying Kitsap County, we aren’t able to draw historical comparisons in this market. But we can use the rate of change for rents in Pierce County. Rents actually increased 1.5% in Pierce County in the past year, while in King/Snohomish they declined 2.0%
NEW CONSTRUCTION
There are no 50+ unit properties currently under construction in either Pierce or Kitsap. However, there are 633 units in various planning stages spread evenly among Lakewood, Puyallup, and the Tacoma South submarkets.
OBSERVATIONS
The rental markets in Pierce and Kitsap are holding up surprisingly well considering the severity of the recession. A major factor in the relative health of these markets is the lack of new construction. In the King/Snoh-omish market there were over 2,500 units that opened in the second quarter alone.
Anecdotal evidence suggests that Kitsap County may outperform Pierce County in the near term. This is due to a recent influx of navy personnel in Kitsap, and military deployment in Pierce. Kitsap and Pierce counties should continue to outperform the King/Snohomish market simply because there is no new construction competing for renters. In addition, the lower average rents in Kitsap and Pierce make apartments in these markets especially attractive to tenants looking to make ends meet in the recession.
Although most everyone except tenants are finding our rental market to be challenging, it may be helpful to know that we are outperforming the country as a whole. In the second quarter, the national vacancy rate for rental housing stood at 10.6%, according to the latest report by the Department of Commerce’s Census Bureau.
Tom Cain of Apartment Insights is a member of the Central Puget Sound Real Estate Research Committee in charge of providing apartment rent and vacancy data. The nonprofit Research Committee was founded in 1949. Tom has been researching apartment market trends in the Seattle area since 1978.
This article highlights survey results that subscribers can access from an online database of all 50u+ properties. www.apartmentinsightswa.com 206-632-2220
The Landlord Times: Your source for multifamily and apartment news and landlord, property management, property maintenance & real estate investing tips.
This is such a great
This is such a great resource that you are providing and you give it away for free. I love seeing blog that understand the value of providing a quality resource for free. It is the old what goes around comes around routine. Did you want to acquired lots of links and I see lots of track backs??
microsoft points paypal
In some countries the word
In some countries the word unit is a more general term referring to both apartments and rental business suites which is used for rental.
investing in halton
You would agree when I say
You would agree when I say that Pennsylvania is one of the better places to live in America and Main Line located to the northwest of Philadelphia is a place that people love to call their home. If you're looking to buying a home in this area then we have Main Line PA Homes for Sale for you.
Happen to be new to San
Happen to be new to San Fransisco and you have a new job but do not know of a place to order quality food. Visit us at our San Francisco food delivery and order food online. Your order shall be delivered to your doorstep.
bernhardt
bernhardt furniture
bernhardt furniture fertility
bernhardt
bernhardt furniture
bernhardt furniture Postcard Printing
I wanted to thank you for
I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post. Gucci Sunglasses
I found so many interesting
I found so many interesting stuff in your blog especially its discussion. From the tons of comments on your articles, I guess I am not the only one having all the enjoyment here! keep up the good work. Thanks for sharing.
Regards,
cheap auto insurance
new tab
Thanks for this very useful info you have provided us. I will bookmark this for future reference and refer it to my friends. More power to your blog.
cleaning
Seattle – Apartment
Seattle – Apartment Insights statistics show market vacancies stabilizing for the second consecutive quarter, but rents continue to fall, reports Tom Cain of Apartment Insights. The data is from his Seattle firm’s fourth quarter statistics and trends on 50+ unit properties in the King/Snohomish market.
But unless one drank Petrus
But unless one drank Petrus replica watches every day and had a familiarity with the wine, fake watches the fake would never have been detected.That’s not an fake rolex isolated story. Burgundian producer Laurent Ponsot replicaquestioned the authenticity of 22 lots of his Domaine Ponsot wines After all the fine wine market is worth a cool S$6.8bil (RM16bil).
“ Whilst most diners
“ Whilst most diners nodded replica watches in appreciation of the great wine, fake watches one of them protested its fake rolex authenticity. He was from the estate and declared that replica rolex the wine was not what was purported on the label. breitling It was a Petrus but from a lesser vintage (that of course cost less).
OBSERVATION
Thats right i also observed.The rental markets in Pierce and Kitsap are holding up surprisingly well considering the severity of the recession. A major factor in the relative health of these markets is the lack of new construction. In the King/Snoh-omish market there were over 2,500 units that opened in the second quarter alone.
custom logo
Step around burgers, put
Step around burgers, put away chicken; to grills something that could be genuinely rapidly foodstuff, think portable charcoal bbq grill about that fish filet within the filet mignon.
A lot of chefs forget fish whenever they take out their own charcoal barbecue grill, favoring the actual classic beef and pork. Unfortunately grilling fish releases fillets which might extremely kamado grill flaky along with flavorful, a person wouldn't think twice about barbecue grill not often known the very beer batter or maybe typically the profound baking.
Grilled fish is actually healthful - virtually fat-free outdoor barbecue grill help save a little brushing of vegetable oil to prevent it from inserting -- plus making that at real wood cedar planks can kamado grills certainly add full flavour free of improving unhealthy calories.
Karen Adler along with Judith Fertig, the making duo by Kansas referred to as typically the kamado ceramic grill Queens, reported ample at home cooks, particularly landlocked Midwesterners, skip fish relating to grill together with are usually surprised to find out barbecue grills how very easy it is without question.
With every, Adler plus Fertig bbq grills possess created much more when compared with 20 cookbooks, primarily on grilling in barbecue grill accessories addition to barbecuing, this includes the particular recently launched "Techniques with regard to Cooking charcoal bbq grill Fish" and also "Skills intended for Planking"
"I consider the way to grilling fish is to cedar plank this," Adler kamado ceramic grill stated. Planking, or maybe making on a fabulous cedar planks of savoury solid wood which has been grill bundles soaked in water, helps to continue to keep fish succulent plus reduces the call to turn the actual fish filet over, extremely firmly sticking isn't a concern. Fish with the latest planks chefs by means of portable outdoor grill roundabout temperature. You need to soak the exact cedar in cold water for not less than one hour before putting this about typically the grill so the plank doesn't burn during cooking.
Planking occurs in convenient pertaining to extremely thin fillets of water fish, this sort of since perch, which in turn can certainly sink while outdoor bbq grills. Whenever it's done preparing food, the fish bbq smokers is good straight out of the cedar.Aluminum foil likewise helps out lining the particular bbq grill grates and also generating packets to get fish.
While with regard to the time to barbeque grill fish, Adler charcoal grills as well as Fertig advise a very simple "10 minutes of the inch of thickness" rule, turning over at the particular halfway point. A good salmon fillet that calculates 3/4 -inch-thick will likely barbeque smoker grill need to barbeque grill about 7 to 8 minutes, or simply bbq grill approximately 4 minutes upon each side over high, direct heat.Nearly every type of fish and also shellfish may be
bbq grill smoker cooked upon the exact grilling.
moving van
Some investors are shifting their focus to markets with a shorter recovery horizon, while others continue to wait on the sidelines for discounted properties. Thanks for sharing the valuabe information.
moving van
This is a superior chance to
This is a superior chance to test out some mixed American & Japanese jazz groups so don't miss it. 5.11 tactical pants
Awesome blog. I enjoyed
Awesome blog. I enjoyed reading your articles. This is truly a great read for me. I have bookmarked it and I am looking forward to reading new articles. Keep up the good work!
apartments paris
how awful
Prom dresses
wedding dresses
on best wedding dresses for 2009 and 2010. You can find latest collection of woman's dresses and casual dresses on this site
discount Prom dresses
discount wedding dresses
a series of discount Wedding Dresses, Including Wedding gowns, Evening gowns, Wedding Dress, Bridal gowns and Bridal Dress
wedding dresses
The first of these is how
The first of these is how much the storage costs in dollars. The second is how much it costs in bandwidth. body armor
A free sex scandal is a
A free sex scandal is a scandal involving allegations (some times free porn videos) or information about possibly-immoral sexual activities being made public or posted at porn tube. Sex scandals are often associated with movie stars, politicians, famous athletes or others in the public eye, and become scandals largely because of the prominence of the person involved and/or non-normative nature of the sexuality and free sex videos. A scandal may be based on reality, the product of false allegations, or a mixture of both.
ABB728019389 порно видео
This is very informative
This is very informative post. There are some important matter according with their fact available here. Thanks for the post.
diabetes dieta
Walk in Shower - Leading
Walk in Shower - Leading installers of Disabled shower and bathroom systems Wholesale Food