Seattle area apartment scene in 2014: Rents rise, so does occupancy rate

Jan 26, 2015, 6:02am PST

Velo Apartments Fremont 07

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Marcus R. Donner

Apartments in Fremont.

Renting an apartment in the Seattle area? Then you’re probably aware that apartment rents and apartment occupancy both rose in 2014.

According to apartment research companyAxiometrics, annual effective rent growth in the Seattle-Bellevue-Everett area rose 6.74 percent in 2014, higher than the 5.17 percent a year earlier.

Seattle-area residents paid, on average, $1,492 per unit compared with the year before, during which they paid $1,366, Axiometrics reported.

And the apartment occupancy rate remained high in 2014, ending the year at 95.1 percent after hitting a peak of 96.4 percent in June 2014.

Will the apartment crunch ease in 2015? Axioiometrics doesn’t think so.

The company is forecasting 8,747 units to be delivered in 2015, “which will put pressure on occupancy and rent growth, (but) continued robust job growth means most of the new supply should be readily absorbed,” said Stephanie McCleskey, the company’s vice president of research, in a statement.

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