DATE: Spring 2007
National Trends indicate that apartment owners continue to benefit from the soft “For Sale housing market” as prospective homeowners sit on the sidelines waiting for the housing market to hit bottom. The result is increasing rents for apartment housing.
Additionally, the recent melt-down in the “sub-prime” mortgage arena has caused a tightening of underwriting standards for new home loans, thereby closing the door on many first time home buyers who are currently renting.
That all means that Spokane/Kootenai Country area apartment owners will continue to enjoy increasing pressure on rents until the current housing crisis recedes.
The Spokane County vacancy rate is 3.9%, while Kootenai County is a meager 2.5%. Expect those numbers to stay strong for now.
Until next time,
Glenn Sather
The Apartment Broker
