Dupre’ and Scott Apartment Advisors, Fall Apartment Rent and Vacancy Survey has shown improving trends for rental market. I will concentrate on the Snohomish county market in this article but you can see the complete survey results by clicking on the link. Snohomish county vacancy rate improved to 3.9% in the past six months for 20-unit or larger apartments. This is an improvement over the 4.7% vacancy rate for the six months prior. Typically, as vacancy rates go down, rents go up. Here are some current rent averages for complexes with 20 or more units in different areas of Snohomish county. These stats are for one bedroom units only:
Central Everett- just under $550 Edmonds- around $625 Marysville/Monroe- near $635 Silver Lake- close to $665 Mountlake Terrace- near $670 Paine Field- around $675 Lynnwood- close to $680 Mill Creek- just over $800 Thrashers Corner- near $825
The average rent for 20-unit or larger apartments, all unit types rose in September to just above $800 – up from the $775 range in March of 2006.
Vacancy rates for 20-unit or larger apartments, all unit types, dropped to 5% in September from 5.75% in March of 2006.
Is it time to raise rents? Individual landlords are going to have to make that decision for themselves. All in all, buying income-producing real estate is starting to payoff again.