Apartment rents creeping up in Kitsap

178865_3409342_ver1.0_640_480Kitsap apartment hunters found slightly higher prices in the third quarter of 2013.

The average rent for units in large apartment complexes rose by $6 from the second quarter of the year, according to Tom Cain of Apartment Insights. The average rent per unit was $924 a month in the third quarter, or $1.09 per square foot, 1.4 percent from a year ago.

Meanwhile the vacancy rate in Kitsap increased to 4.48 percent, still significantly lower than last year. The lowest vacancy rates were in Silverdale, at about 3.7 percent. Bremerton had the highest at more than 5 percent.

Cain noted the apartment market is strong from the perspective of landlords in Kitsap, Pierce and Thurston counties, with low vacancy rates and rent trending upward. About 1,800 units are under construction in the three county area, but nearly all are being built in Pierce county.

Follow Kitsap Sun business reporter Tad Sooter on Twitter at @tsooter. Contact him at tad.sooter@kitsapsun.com or leave a comment below.

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