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Apartment Construction Falls with Rates, Occupancy

SEATTLE-King County multifamily permits decreased to 895 units in the third quarter from 1,545 units during the same 2001 period. Occupancies and rents also took a dive, while apartment values rose thanks to new, upscale construction.

By Gina Binole | Updated on December 18, 2002

SEATTLE-Construction, occupancy and rents were down in the apartment market, yet values rose by 6.3%, according to the latest report from the mulitfamily advisory firm Hendricks & Partners.

The third quarter report cited new construction of upscale properties and appreciation of existing ones as the cause of the rise in values. As for everything else dropping, the weak economy is to blame.

Permits issued for multifamily construction decreased to 895 units in the third quarter from 1,545 units during the same 2001 period. Overall average vacancy rate increased to 7.1% in the third quarter of 2002 from 3.8% a year prior.

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