Kitsap apartment rents rising as vacancies drop

We already knew the housing market in Kitsap was experiencing low inventory and high demand. It appears similar trends are playing out in the rental apartment market.

20080309-175536-pic-965545952_5703882_ver1.0_640_480The rate of vacant apartments in Kitsap (3.55 percent) is among the lowest in Puget Sound, according to Tom Cain of Apartment Insights Washington.

Apartment Insights conducts quarterly surveys of apartment complexes with 50 or more units.

Silverdale was the only market in Kitsap with a vacancy rate above 4 percent.

The average per-unit rent for an apartment in Kitsap was $961 during the first quarter of 2015. Rents  jumped 7 percent over the past year, an increase of $62.

New apartments will hit the Kitsap market soon, including two complexes under construction in Bremerton. 

Here’s a graphical look at apartment trends in Kitsap:

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