Thurston apartment vacancy rates tighten, rents rise $10 in Q2

Staff writerJuly 16, 2013 

YelmConstruction_S

Construction of the 90-unit apartments and 1,500-square-foot commercial property on Creek Street is well under way in Yelm, shown here on Tuesday, July 9, 2013.

TONY OVERMAN — Staff photographer Buy Photo

Thurston County apartment vacancy rates got a little tighter and rents rose as a result in the second quarter, according to new data released by Apartment Insights Washington.

The county vacancy rate fell to 5.31 percent in the second quarter from 5.42 percent in the first quarter of the year. A year ago the vacancy rate was 7 percent, the data show.

In Tumwater the vacancy rate was even tighter at 4.79 percent, the second consecutive quarter that the vacancy rate has been below 5 percent. Olympia had the highest vacancy rate at 5.62 percent.

As vacancy rates get tighter, average rents continue to rise. Thurston County rents rose $10 to an average monthly rent of $853.

"The three-county market (which includes Thurston) hasn't experienced the robust growth of metro Seattle in the recent past," officials with Apartment Insights said in a news release. "However, unlike Seattle it has the good fortune of not being hit with a flood of new units that will be competing for renters in the next few years."

The vacancy rate and rental information is based on a survey of apartment properties of 50 or more units, according to Apartment Insights.

 

 

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