South End Apartment Market "Relatively Healthy

SEATTLE, WA-The South Seattle apartment market is managing to float its boat despite rough economic waters, according to a report released yesterday by the Seattle-based brokerage of Paragon Real Estate Advisors Inc.

“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%.