Thurston County apartment vacancy rates tightened in the third quarter, increasing average rents by $3, according to Apartment Insights, a Seattle business that tracks the South Sound apartment market.
Vacancy rates in the county fell to 4.16 percent in the third quarter from 4.19 percent in the second quarter. Tumwater’s vacancy rate of 3.39 percent in the third quarter was the lowest in the county in more than two years.
Thurston County vacancy rates a year ago were about 5 percent, the data show.
Lower vacancy rates means rents are on the rise. They bumped up $3 to $891 in the county in the third quarter, or $1.04 per square foot, the data show.
And more apartments are on the way.
More than 1,800 units are under construction, with most of them being built in Pierce and Thurston counties, the data show. There also are 1,720 units that have completed the design review process and another 1,546 units in earlier stages of the development pipeline.
Apartments Insights data are based on surveys of apartment buildings with 50 or more units.