First quarter apartment market research, released by the multifamily investment team led by Dylan Simon and Jerrid Anderson of Kidder Mathews, shows that, despite the rockiness of the last 24 months, the Pacific Northwest remains one of the most robust economies in the nation. The region ended 2021 with rental rates nearly 13% higher, vacancy rates cut by 30%, and sales volume rivaling 2019 — the largest sales volume year on record.
The 2022 Q1 Apartment Market Dynamics report analyzes current market trends and 15 years of trended data for rental and vacancy rates and sales across the four major Western Washington counties: King, Pierce, Snohomish, and Kitsap. The Simon and Anderson team’s research provides a detailed look at apartment trends across the region, highlighting data and analytics for each major market. See the attached Executive Summary for key insights.
“We are continually impressed with the robustness of the Puget Sound’s apartment market recovery,” said Simon. “A recovery we expected to play out over several years as office occupancy returned to pre-pandemic levels took root by spring 2021, and the region is already on a trajectory to a new market cycle as of early 2022.”
Download a digital copy of the full 2022 Q1 update at simonandersonteam.com/market-updates.
About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of ten brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.com.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.