Tuesday, January 24, 2023

Washington Center for Real Estate Research: Statewide Rent Growth Registers at 5.1%

The recently released University of Washington Fall 2022 Apartment Market Report indicates apartment rent growth in Washington tapered off, falling nearly 1.2% in the fourth quarter after high growth rates over the previous 18 months. 

"The current statewide annual rate of rent growth is 5.1%; this means that average rent levels for the 3rd quarter 2022 were 5.1% higher than those for the 3rd quarter 2021. The annual rate as of the 2nd quarter  2022 was 9.2%, while each of the preceding three quarters (3rd quarter 2021 through 1st quarter 2022) recorded annual rates close to 11%."

Rents declined about 1.4% in the Puget Sound region and were stable in the rest of the state. Vacancy rates edged upward to between 5.2 and 5.5 percentage points. According to the report, counties demonstrating the highest rent growth were Skagit, Walla Walla, Grant, and Clark. 

Washington Fall 2022 Apartment Market Report

Download the full report for more details. 

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