Morgan's Brain

Oct. 7, 2008 at 1:29pm

Tacoma Hotter Than San Francisco, New York, AND Seattle?!

The Business Journal is reporting some numbers regarding local rental rates. I knew that the Tacoma market was going through a "transition," but this is crazy! It makes ideas like Faith Based Affordable Housing worth looking into.

Apartment rental rates rose faster in Tacoma and Seattle in the third quarter than anywhere else in the United States, according to a new report from Reis Inc., a New York-based research firm.

Tacoma rates rose 7.3 percent since the third quarter of 2007 while Seattle rates increased 7.1 percent. San Francisco rents increased 6.3 percent and New York City’s rose 4.6 percent, according to Reis.

Nationwide, the vacancy rate for U.S. rental apartment buildings rose to 6.1 percent in the third quarter as falling wages and a lack of jobs kept potential renters off the market, Reis reported. The average monthly asking rent rose 0.6 percent from the second quarter to $1,053, the 26th consecutive quarter that rents increased or stayed the same.

Tacoma, Seattle rents rise faster than anywhere else in U.S.

 

comments [4]  |  posted under faith based, hot, housing, tacoma

Comments

by izenmania on 10/7/2008 @ 2:19pm
Sounds about right. I had a year lease in an apartment by Wright Park at $625. When the lease was up (July) it went up to $670, a 7.2% increase.

by Erik on 10/7/2008 @ 2:44pm
The increase number is pretty meaningless as Tacoma's rental rates are so depressed compared to other areas. Tacoma's rates have little place to go but up.

Yet, the increased demand is still apparently insufficient to justify building much new construction. New housing is going to be based on the absolute rent one can obtain, not the increase in rent.

by dawntown on 10/7/2008 @ 4:40pm
Sounds about right Erik

by Dave_L on 10/7/2008 @ 5:16pm
Mine was going up about 13% a year. Glad I ended that.