Tacoma did not get overbuilt, says Meissner, author of a newly-released Paragon report on the apartment market in Pierce County. When new apartment construction was at full speed in other metropolitan counties, he says rents here didn't reach the levels necessary to "pencil out new development." So what may have seemed then like Pierce County's missing the boat has ended up its saving grace.

While vacancies are on the rise in many areas to the north, Meissner says O'Connor Consulting recently tagged the average in Pierce County at a healthy 4.9%. And, he notes, while King and Snohomish counties are struggling with low occupancy, demand in Pierce is strong enough to be generating new development, albeit not very significant. Paragon reports 511 apartment units under construction, or 1.28% of the existing stock.

According to the report, "Pierce County rental rates are the most affordable of the Tri-County areas," with the median rate in Pierce County at $0.77/sf. In what the report describes as the less-affluent areas of the county, rents are averaging $0.65/sf. The high end of the range lies in the "excellent locations" where rents for new construction are projected at $1.25/sf.