X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE-After five consecutive quarters of falling occupancy, vacancy levels stood pat in the second quarter of the year, according to a just-released report by RealFacts, a multifamily data firm.

The 92.3% average occupancy rate at the end of the June was a miniscule 0.1% reduction from the end of March, according to the report, which surveyed 396 complexes in the region holding a combined 86,700 units.

In 1999 and 2000, the market absorbed nearly 4,000 new units while occupancy rose from 95.8% to 96.2%. In 2001, about 2,000 new units were developed but absorption was a negative 483 units, dropping occupancy to 93.5%.

Average rent at the 396 large apartment complexes that were surveyed in June was $863, just a dollar less than was found in March and only three dollars more than the average a year ago. “That in itself is a positive given the continued high unemployment in the area,” according to the survey.

In the investment market, there have been some eye-catching sales so far this year, according to the report. Sterling Heights, in Bellevue, sold for $117,241 per unit and Lionsgate Townhomes, in Redmond, for $154,250 per unit.

For the most part, however, “there is nothing for sale,” according to a recent Hendricks & Partners report. Adds Gregory Wendelken of Marcus & Millichap “Buyer and seller expectations are definitely widening–there’s really no news in the marketplace that gives anybody the feeling that there is anything giving a boost to population or employment growth. Until you get that, you’re not going to get increases in rent and, therefore, increases in the value of property.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.