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Flat Rents Don't Deflate Developer Interest

SEATTLE-A flat rental market in 2002 has yet to deter developers, according to a recently released survey by RealFacts, the multifamily data specialists. About 5% of the rental housing inventory has been built in the past two years, although the report's statistics suggest that the market has had difficulty in absorbing all the new units.

By Gina Binole | Updated on October 18, 2002

SEATTLE-A weak economy has prompted a lower demand for the area’s multifamily product. But the flat rental market has yet to deter developers, according to a recently released survey by RealFacts, the multifamily data specialists.

Apartment renters here have experienced virtually no increase in rents over the course of the past year. The survey says the average rent in September 2002 was $864. In June, the figure was $862; and in December of 2001, it was $860. That represents less than a percentage point increase in the past year, and only a 13.9% hike over the past four years. In the past quarter, RealFacts finds only the studio and two-bedroom/two-bath units showed any signs of upward movement. Occupancy changed only a fraction of a percentage point in the third quarter and now stands at 92.5%, compared to 92.3% in June.

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