Utilities Are Wild Card of Apartment Costs

SEATTLE-Apartments in the Puget Sound region cost nearly $3,620 a unit to operate last year, while Eastside units were the most expensive in the area cost in the $4,455 range, according to the latest edition of The Apartment Advisor from Dupre + Scott.

Mike Scott, who teams with Patty Dupre to form one of the region’s most respected apartment consulting firms, said the cost of running an apartment in King, Snohomish or Pierce counties 10 years ago was $2,384. In absolute dollars, repairs and maintenance climbed the most in the past decade, followed by capital expenses, utilities and real estate taxes.

“Even though we expect the rate of expense increase to moderate, there are caution signals,” Scott said. “These include potential increases depending on government action on real estate taxes and utilities. In addition, there are property and consumer demands pushing repairs and capital expenses, and tectonic plate action driving insurance costs higher for the cautious.”