Kidder Mathews Releases Latest Research on Eastern Washington Apartment Market

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Max Frame of Kidder Mathews’ multifamily team led by Dylan Simon and Jerrid Anderson has released new research on the Eastern Washington apartment market.

The Q2 2023 Eastern Washington Apartment Market Dynamics report analyzes trends and the latest sales data from 20 Eastern Washington counties including Spokane, Benton, Franklin, Chelan, Yakima, and more. The market study offers insights on each submarket to help guide investment decisions.

Despite rising interest rates, Eastern Washington’s Q1 2023 transaction volume and sales volume exceeded Q4 2022, thanks to significant portfolio sales across Eastern Washington, including the team’s Yakima two-property portfolio sale ($6.6M), an East Wenatchee two-property portfolio sale ($9.2M), a Walla Walla two-property portfolio sale ($19.9M), and a Spokane two-property portfolio sale ($30.4M).

Eastern Washington’s landlord favorability continues to drive wealth east of the mountains from Seattle, benefiting owners outside the urban core. This is most apparent in Spokane, whose continuous market incline continues to push buyers to pay aggressively to enter the market.

“We expect a decrease in occupancy in the near future despite a traditional spring run-up in rental rates, as every market experienced an increase in vacancy in the past 12 months,” said Frame, Kidder Mathews’ Eastern Washington multifamily specialist. “The potential for a continued slowing economy in 2023 will likely appear first in declining occupancy and then rental rates.”

Download a digital copy of the full Q2 2023 Eastern Washington Apartment Market Dynamics report here.

About Max Frame

Working out of Kidder Mathews’ headquarters in Seattle, Washington, Max specializes in representing sellers and buyers in the sale of Eastern Washington apartments. Born and raised in Eastern Washington, Max combines his local knowledge and expertise of these markets with Kidder Mathews’ national exposure and outreach. Max works with Executive Vice Presidents Dylan Simon and Jerrid Anderson of the Simon and Anderson team.

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 apartment investors, developers, and landowners in the sale and purchase of apartment buildings and development land across the entire State of Washington. The team of nine brokerage professionals specializes in the sale and purchasing 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 over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.

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