Search
 

Strong Rent Growth in SF, L.A., Seattle Apartments

SAN FRANCISCO-An owner and operator of 21,000 units mostly in California and Washington reports annual rent growth of between 7.5% and 9% in each of the markets.

By Brian K. Miller | Updated on February 06, 2008

SAN FRANCISCO-The apartment markets of San Francisco, Los Angeles and Seattle showed strong rent growth in 2007, according to a publicly traded apartment REIT that owns more than 18,000 units in California and Washington. An SEC filing this week by locally based BRE Properties shows weighted average annual rent growth of between 7.5% and 9% at properties it has owned for at least five quarters in each of the three markets.

In the Greater San Francisco area, where it owns just over 3,000 units, BRE posted weighted average rent growth of 8.2%, to $1,656 per month from $1,530 per month. Concurrently, its average occupancy in the market jumped 230 basis points to 95.7% and its annual turnover rose only slightly to 57% in 2007 from 56% in 2006.

In Seattle, where the company owns more than 3,200 units, the weighted average annual rent growth was 8.9%, taking the average rent to $1,284 per month from $1,179. Average occupancy also increased, rising to 93.6% from 92.2%, while annual turnover increased to 61% from 58%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.