Tag Archives: vacancies

Average apartment rent now $1,134 in Kitsap

B0012506365--503284Average 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:

Average apartment rent tops $1,000 in Kitsap

photoThe average rent for a Kitsap County apartment was more than $1,000 in the second quarter of 2015, as vacancy rates continued to plunge.

Apartment complexes in the county reported and average rent of $1,009 per unit in the months for the second quarter, according to Tom Cain of Apartment Insights Washington.

Rents were 10 percent higher in the second quarter of 2015 than in the same period of 2014, driven by steep increases in Poulsbo and on Bainbridge Island.

The rate of vacant apartments fell to 3 percent, giving Kitsap one of the lowest vacancy rates in the Puget Sound region.

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

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:

Apartment vacancies low, rents up in Kitsap


Demand is increasing and rents are rising for apartments in Kitsap County.

Vacancies rates in large Kitsap apartment complexes (50 or more units) fell to 4.03 percent in the second quarter of 2014, according to Apartment Insights Washington. That was down from 4.54 percent in the first quarter of 2014, 9.73 percent in the second quarter of 2013.

The lowest vacancy rate for Kitsap was in Port Orchard, at 3.13 percent. Poulsbo/Bainbridge Island’s 4.84 percent rate was the highest.

Rents ticked up as vacancies declined. The average apartment rent in Kitsap was $918 per month in the second quarter of 2014, a $19 increase from the previous quarter.

The increase in Kitsap was in step with South Sound counties. Rents in Kitsap, Pierce and Thurston counties together were up 2.5 percent in the second quarter and 4.5 percent on the year.

Rising demand for rentals is good news for apartment complex owners and developers. In South Kitsap, The Sidney development has added a substantial number of rental units in the past year. A new complex is also on the horizon, both literally and figuratively, in Bremerton.