Thurston County rents have surged past $1,000, rising to an average of $1,058 per month, according to fourth-quarter data released this week by Apartment Insights of Seattle.
The firm surveys trends related to apartment buildings with 50 or more units.
Rents continue to climb because of demand, a strong economy and rising prices in the residential real estate market. Similar to the residential sales market, the pace of apartment construction hasn’t kept up with demand.
Thurston County’s vacancy rate was 3.31 percent in the fourth quarter. Olympia had the tightest vacancy rate at 2.92 percent, the data show.
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“As long as the economies in these three counties (Pierce, Kitsap and Thurston) remain strong, we expect the (rental) markets to continue to perform very well,” Apartment Insights principal Tom Cain said in a statement. “Factors such as a relatively low level of apartment construction, together with the limited inventories and rising prices in the residential market, will help ensure it.”