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.
