Can’t find affordable Tri-Cities apartments? New project to add smaller units
Ground has been cleared for a $1.4 million apartment complex in Kennewick just as rising Tri-Cities home costs are shutting many out of the home buying market.
The building will be sandwiched between the Highlander Apartments and the income-restricted Brentwood Apartments on Fourth Avenue.
The units will be in the area behind Safeway just off Highway 395.
The 25,800-square-foot, three-story complex will have 24 two-bedroom units and two studio apartments, according to building permits filed with the city.
It is unclear when the complex will be finished and ready to lease.
Tri-Cities rentals
The rental market remains tight but more units are coming online as developers see the opportunity, though many of the current projects are on the higher-end of the rental market.
The median price for a two-bedroom apartment in Kennewick in November was $911 a month, according to a recent report by Zumper. That was only a $15 more than the median rent the same time a year ago.
However, Kennewick appeared to be an anomaly in the Tri-Cities.
In Richland, the median rent last month for a two-bedroom was $1,286 — a jump of $211 or 20 percent from 2019.
In Pasco, the median monthly rent also jumped $248 a month from $947 in November 2019 to $1,195 last month or 26 percent.
“There’s not a lot of growth potential in Kennewick unless you move out to the Southridge area,” said Jodii Guilbeau, the president of the Benton Franklin Rental Owners Association. “Most of what is in Kennewick (in rental market) is older multi-unit and single-family homes.”
Renting still may be an option for those who aren’t in the buying market as the median sales price for homes in Tri-Cities remains at an all-time high.
Although the median price of $335,000 in November dropped slightly from $339,000 the month before — it still was a 17 percent increase from the same time in 2019 and a staggering 28 percent increase from two years ago, according to the Tri-City Association of Realtors.
Fourth Avenue project
A year ago, the property at 3120 W. Fourth Avenue was purchased for $402,000 by Jason Zook, the owner of Smile-A-Mile Painting.
At the time, a 3-bedroom home built in 1950 sat on the 1-acre parcel, along with a detached garage and covered RV parking, said the real estate listing.
The combining of the two lots was approved in 2017.
The 2019 real estate advertised the potential for a multi-family project.
The rezoning from medium density to high density housing was approved in 2018, according to agenda notes from the Kennewick Planning Commission.
The permit for demolition was granted in March 2020, and the building permits were signed off on in November.
While Zook could not be reached immediately about his project, his Smile-A-Mile company profile shows he has a background in custom-built homes and has been in business in Tri-Cities since 2010.
DKEI Architectural Service of Kennewick is listed as the architect for the complex.
This story was originally published December 14, 2020 at 12:57 PM.