Tag Archives: rentals

Apartment vacancies low, rents up in Kitsap

apartments

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.

“Gone with the Wind” estate for sale in Olalla

Olalla might not be an obvious place to live out a secret “Gone with the Wind” fantasy. But for just under $2 million you can live every day like Rhett and Scarlett in South Kitsap.

A Gone with the Wind-themed wedding venue and rental house went on the market recently. The 10-acre property, located east of Highway 16 off Stevens Road, includes a southern-style mansion and guest cottage. The home was built in 2009.

Owner Joe Scolari said he bought the property in a foreclosure sale and started the themed rental business, which has been well received. The venue has reservations as far out as December. The business grossed $81,000 in the fourth quarter of 2013, according to the Commercial Brokers Association listing.

“We’ve had an overwhelming response,” Scolari said.

You can see more photos  here.

Courtesy photos