It’s here–the 1-19 Unit Apartment Vacancy Executive Summary is here! While we know not everyone out there gets excited for these kind of statistics, we rental housing types just love them. Subscribers can view the whole report on the Dupre + Scott website; meanwhile, we’ve got some highlights for you below.
Average rents in King and Snohomish counties are up–by as much as 5.5% since last year.
Average rents went up across the board over the past year. In single-family home rentals, rents rose 3.3% to $1,871; in 2-4 unit properties (mutliplexes), they went up 4.4% to 1082; in 5-19 unit properties, they rose 5.1% to $969; and in properties with 20 or more units, they went up a whole 5.5% to $1066.
While the rent amounts for studios climbed almost 6% over the past year, they only went up by under 2% for four-bedroom apartments over the same time frame. So what’s up? It’s all about vacancy.
Vacancy is low across the board; but the smaller the unit, the better!
Overall vacancy is at an average of 2.7% (down from 3.3% last year), but while studios and one- and two-bedroom apartments have vacancies under 3%, when you look at apartments with 3, 4, or 5 bedrooms, the vacancy is ringing in at over 5%. This can lead to less of a rent increase in the larger, slightly less popular units.
Incentives and amenities are few and far between.
So who is offering incentives these days? According to Dupre + Scott, almost no one. To be precise, less than 1% of surveyed properties are currently offering incentives, with the average incentive at $93, down from 4295 last year.
Meanwhile, many renters are paying for utilities–98% of renters in single-family homes pay for water and sewer, compared with about 66% of renters in buildings with 20 or more units. Renters in 2-4 and 5-19 unit buildings have it a bit better; just 40% of them are required to pay for water and sewer. Then there’s parking, which differs by county. While 51% of surveyed units in King County offer parking inclusive in the rent, many more units offer included parking in Snohomish County–just about 88%.
So there you have it. Those are some good numbers, aren’t they! There are more where those came from–check out the full report at DupreScott.com.