Across the West Sound, rent continues to climb

Housing costs in the West Sound have dramatically risen in recent years, with rental hikes outpacing inflation and median wage increases. Last year was no different, as rents in Kitsap County continued to climb.

Average rent in Kitsap grew more than 10% at the end of 2019 compared with the year prior, capping a 60% increase in the past six years. At the start of 2020, rental costs have slightly decreased, according to quarterly reports from the housing research firm Yardi Matrix.

The average apartment now runs about $1,500 per month. In 2014, it was less than $1,000. For many renters, those prices have compounded an already difficult search for an affordable place to live.

Bainbridge Island’s rental rates, which were already the highest in Kitsap, saw the largest increase: rent increased more than 16% last year. That’s partly the result of new rental units coming online — including a 107-unit apartment complex, thought to be the Bainbridge’s largest — which can have a significant effect because of the city’s small number of rental properties

The average Bainbridge apartment now costs more than $2,200, compared with just under $1,400 in Bremerton and Port Orchard. Rental rates in Poulsbo and Silverdale fall in between.

Vacancy rates for rental units have also remained steady, meaning many apartments are at near-capacity. Kitsap’s rental vacancy rate hovered around 4% last year, according to Yardi Matrix. A “healthy” rental vacancy rate is typically between 6% and 8%.

Low vacancy rates can help drive up rent in cities. National vacancy rates were 6.4% for rental housing at the end of 2019, according to the U.S. Census Bureau.

A similar trend is also reflected in Kitsap's tight market for home buyers, where dropping inventory has contributed to surging home prices over the past several years.

Austen Macalus is the Kitsap Sun's social services reporter — covering health care, homelessness and how programs are serving those in need. He can be reached at austen.macalus@kitsapsun.com or 360-536-6423.

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