As Commercial Analytics is both a starting point and an evolution for multi-family real estate data in the region, we present the most current and viable information available as of the survey period. As such, historical information is not guaranteed or warranted.
This report presents our March, 2019 analysis of rents, rent change, and vacancy data across the Quad- and Tri-County areas, single counties, sub-markets, and neighborhoods. Across the top of each page we include summary market metrics: Buildings and Units Surveyed; Rents by Unit Type; Vacancy as of mid-March, 2018; and Rent Change from September, 2018 to March, 2019.
Data reported comes from stabilized, market-rate multi-family properties.
Vacancy reported is overall for the geography shown.
Rents reported are averages weighted for frequency of unit type.
Rent Change is calculated on a "same store" basis; only properties that are in both survey periods are used to calculate a rent change percent.
We survey management companies and owner/operators across the Puget Sound area in March and September of each year by collecting rent rolls and then, to ensure completeness and increase sample size, we collect additional rent and vacancy data via phone survey to leasing offices. The information presented here aggregates data on properties as of mid-March, 2019.
To contribute data, please visit commercial-analytics.com/contribute. Each contributor who responds by the deadline will receive a complimentary copy of the report to which they contributed upon publishing.
Prior to publishing, data is collected, cleaned, standardized, input, audited, and analyzed. Then, those results are published on our online portal and report. To subscribe to our online service as well as access other reports, including Expenses, Development, Sales and Investment, among others, please visit commercial-analytics.com/subscribe.
As Commercial Analytics is both a starting point and an evolution for multi-family real estate data in the region, we present the most current and viable information available as of the survey period. As such, historical information is not guaranteed or warranted. Further, future reports will contain updates that include refined data points, larger sample sizes, and additional real estate metrics, to include: rents by square foot by geography and unit type; rents and vacancy by both age class and size class, concessions, parking costs, and additional geographies (urban village, transit oriented development, and Qualified Opportunity Zone.)
Our report focuses on stabilized, market-rate apartment properties. As such, single-family rentals, micro apartments, congregate housing, condominiums, and senior/retirement are not included in our results. Additionally, Low-Income Housing (properties that address renters who make 60% or less than the median family income) are not included, as market conditions and leasing terms are not analogous to broader market conditions. Properties that are demonstrating unusually high vacancy due to remodel, repair, or a change in master lease or management company are also excluded. Properties still in lease-up are surveyed and detailed in our Development Report.
In our March, 2019 results, we surveyed 933 buildings representing more than 110,000 units in five unit types across four counties. This reporting allows us to provide statistically significant insight into market conditions across our region and sub-markets. However, care should be taken when analyzing Neighborhoods, as low participation or a dearth of inventory may yield fluctuating results. As such, each Neighborhood is presented with the number of buildings and units included in the survey to allow the user to make an informed analysis.
As part of our commitment to protect participants’ private information while also ensuring participation, we report data only when there are three or more properties represented in a geography— a Neighborhood, Community Market, etc— thereby masking the identity of participating properties. However, data about those properties will be included in the Market Metrics and other areas of the report to summarize market conditions at the county, market, and sub-market levels, as well as analysis by other, non-identifying, property characteristics.