Average apartment rent in Kitsap reaches $1,077

12096541_10206510262029092_907327638897249611_nKitsap’s rental market remains tight, but rents and vacancy rates seem to be steadying.

Average rent at large apartment complexes was $1,077 a month in the first quarter of 2016, a $6 increase from the fourth quarter of 2015.

Rent was up about $116 from a year ago, a 12 percent change, according to numbers provided by Tom Cain of Apartment Insights Washington.

Vacancy rates ticked up for the third straight quarter, reaching 4.22 percent.

The opening of the 71-unit 606 apartments in downtown Bremerton likely played a role in increasing vacancies. Bremerton’s vacancy rate jumped from 2.64 percent in the fourth quarter of 2015 to 4.53 percent in first quarter of 2016.

Poulsbo/Bainbridge Island remained the tightest submarket, with a 2.91 percent vacancy rate.

In his quarterly report, Cain noted the shortage of homes for sale in the region has been a boon for rental owners.

“The tight home sale market and moderate level of new apartment construction will help keep pressure on rentals,” Cain wrote. “We expect the market to flourish this year.”

Here’s a graphical look at Kitsap rental trends:

2 thoughts on “Average apartment rent in Kitsap reaches $1,077

  1. That is quite high . The portion of your paycheck percentage wise just going to the roof over your head would be an important statistic also . Thanks for bringing this to our attention .

    I would think it hurts the economy also having so much of our spending money going to rent , this leaves the small businesses and retail aspect of our economy taking a cut in revenue also .

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