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Report: Eastern WA Apartment Pricing Shows Strong Growth
A new report from Kidder Mathews’ Simon and Anderson team on the Eastern Washington apartment market shows that pricing continues its strong growth. The 2022 Q2 average unit price was $139,000, compared to $103,000 in the second quarter of 2021.
“While interest rates seemed to skyrocket overnight, we are not seeing a slowdown in the Eastern Washington apartment market,” said Kidder’s Max Frame. “Between low vacancy rates and rising rents, we expect to see continued buyer demand.”
The counties analyzed in the study include Chelan, Douglas, Kittitas, Yakima, Grant, Lincoln, Adams, Franklin, Benton, Walla Walla, Spokane and Whitman. The city of Spokane saw the most 2nd quarter multifamily transactions with 11 properties solid, followed by Yakima and Kennewick with 4 each.
As prices have increased, sales volume in the region has fallen a bit compared to 2021 with 44 properties sold this year, off the pace of 131 sold last year.
- ◦Economy
