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closeThursday, Apr. 02, 2009
Survey: Apartment vacancies difficult to find in Tri-Cities
Ingrid Stegemoeller, Herald staff writer
Apartment complexes remain full in the Tri-Cities and rents have held steady as well, according to a survey released Wednesday by Crown Property Management in Kennewick.
In Richland and Pasco, apartments were 96 percent occupied. The rate was 97 percent in Kennewick.
The informal survey is conducted twice a year, in March and September, and generally covers complexes with more than 26 units, said Jolene DeGarmo, a property manager for Crown.
The September 2008 survey reported apartments in all three cities at 97 percent occupied.
For the nearly 75 apartments surveyed, DeGarmo said there were "probably 100 to 150 vacant units."
But that doesn't include smaller multifamily units, she said.
At Center Pointe apartments in Kennewick, manager Michelle Beaver said she currently has three openings, including a single one-bedroom and a pair of two-bedroom units.
When she started as manager six months ago, the complex had 19 vacancies, she said.
A full property is "absolutely" a good thing, Beaver said.
"I want them all full," she said.
Increasingly full units have led the complex to increase its rent each month for new tenants, Beaver said.
Overall rents have remained near September's survey amounts, which is typical for the winter months, DeGarmo said.
"In the Tri-Cities, it's the natural cycle that the winter months are slower," she said.
Rent for one-bedroom apartments in Kennewick rose about 2 percent, from $542 in September to $553 in March.
In Pasco, one-bedroom rent increased a little more than 1 percent to $579, from $572.
Richland one-bedrooms barely moved, changing about $3 from $637 in September to $640 last month, said the survey.
"With how the economy is going nationwide, it's great that rents are holding steady," DeGarmo said.
Rents may push higher if occupancy goes up as federal stimulus money translates to new workers at Hanford, said Luci Lyle, on-site manager for Illahee apartments on George Washington Way in Richland
The 83-unit complex has two openings, she said.
It's not uncommon to have a waiting list at the complex because it's close to Hanford, she said.
DeGarmo equated consistently high occupancy rates with continued turmoil in the housing market.
"Partially some people are choosing to not purchase a home at this time," she said, adding "some people are moving out of their homes into rentals."
w Ingrid Stegemoeller: 582-1537; istegemoeller@tricityherald.com; Business Beat blog at www.tricityherald.com
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