Tom Cain of Cain Inc. recently reported that the average vacancy rate for properties of 50 units or more in the King and Snohomish counties are currently sitting at 4.44%- just a slight drop from last year.
The lowest vacancy rate found in both counties was in Seattle’s First Hill neighborhood at 2.6%. This could be attributed to the new hirings at Swedish Medical Center, the limited availability of newer apartment buildings, very convenient access to the downtown core/freeways and reasonable rental rates.
Cain also sited over 7,613 new apartments are under construction, 3,124 of which are located in Seattle- a 32% increase over the last quarter!