Average rent for an apartment in Kitsap County climbed to $1,134 in the second quarter of 2016, while vacancies dropped below 4 percent.
Average rent per unit was up $57 from the first quarter of the year, marking the largest quarterly increase in the past two years.
Rental statistics were provided by Tom Cain of Apartment Insights Washington, who surveys apartment complexes with 50 or more units and tracks industry trends.
Average rent in Kitsap was up 12.4 percent in the second quarter of 2016, compared with the same period of 2015.
Complexes in the Poulsbo/Bainbridge Island submarket reported both the highest average rent ($1,418) and lowest vacancy rate (2.42 percent) in the county.
Silverdale had the highest vacancy rate at 4.19 percent, but the area also saw the largest rent increases in Kitsap in the second quarter.
Cain listed job growth, a hot for-sale real estate market, and a lack of apartment construction as factors contributing to low vacancies and steady rent hikes in Kitsap and neighboring counties.
“We anticipate that with the rapidly rising rent levels and very low vacancy rates, more developers will be taking notice of Pierce, Kitsap and Thurston Counties,” Cain said in a news release.
Here’s a graphical look at apartment rental trends in Kitsap: