Apartment vacancies still low, rents rising

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Prospective homebuyers in Kitsap County have fewer options this fall, as the number of available houses continues to plunge.

Apartment hunters face a similar challenge.

Vacancy rates at Kitsap’s large apartment complexes remained very low in the third quarter of 2015, with 3.23 percent of units available (see graphic below). Port Orchard was the tightest submarket in the county, reporting a vacancy rate of 3.06 percent, according to Tom Cain of Apartment Insights Washington. 

606Burwell_9424507_ver1.0_640_480Kitsap’s apartment vacancy rate is lower than rates for King/Snohomish, Pierce and Thurston county markets.

Apartment rents continued to creep up in the third quarter, reaching reaching $1,058 per unit in Kitsap.

Rents increased 14.5 percent in the past year. Apartments in Kitsap remain significantly cheaper than in King/Snohomish but more expensive than in Pierce or Thurston.

As with the real estate market, new construction should eventually help ease the squeeze. Several apartment projects are underway in Bremerton.

Pre-leasing has begun for the 71-unit 606 Apartments on Burwell Street, scheduled to open Dec. 1, according to a Facebook post.

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

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