"Rent levels (in South Seattle) have not dropped as precipitously as some of the other closer-in markets," says Paul Mickley, a partner with Paragon. He adds that while vacancy levels are higher than this time last year, they "have not reached levels normally considered to be 'unhealthy' in most neighborhoods."
This sub-market includes the communities of Burien, Georgetown, White Center, Beacon Hill, Rainier Valley, Riverton/Tukwila and an area near Seattle-Tacoma International Airport. As of Paragon's May 1 report, the area hardest hit by vacancy is Riverton/Tukwila—which is now carrying vacant units to the tune of 8.2%, compared to a rate 12 months ago of 3.0%.
In contrast, the tightest vacancy in the sub-market is the 3.8% of the Rainier Valley. This figure represents a 192% increase over the 1.3% vacancy rate of a year ago. At a current rate of 5.2%, Beacon Hill stands as the area with the least amount of change in its vacancies over the last year when it 5.1%.
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