Good to see you again! Today we’ll wrap up our summary of Dupre + Scott’s 1-19 Unit Apartment Report (click here if you missed Part One). When we left off, we were talking about current rents, which are stronger in small apartments these days, at least when vacancies are factored in–studios are seeing much lower vacancies than the big units. In fact, 3-5 bedroom units are seeing 5% more vacancy than studios and 1-2 bedrooms these days.
So there we have it–that’s the situation currently. But what will happen in the next six months? Dupre + Scott asked the landlords and property managers they surveyed just how much they expect rent amounts to change; only 60% said they plan to raise rents. Factor that in to the big picture, and we’re looking at a 3% overall increase going forward.
Finally, we have incentives. With such low vacancy across the board, the landscape of
incentives is looking pretty different than it did a few years ago; but they haven’t disappeared completely–yet. Currently, the average incentive is $295, with 1.7% of properties offering them. This is down from 3% last year; in fact, Dupre + Scott are promising they will be “almost impossible to find before spring is over.” Is it the end of an era?
…And that’s it for the 1-19 Unit Apartment Report. For more info on the apartment market (of all sizes), check out DupreScott.com, or the SeattleRentals.com rental market news blog archives. See you next week!