This indicator measures the availability of apartment housing. The rate of apartment vacancies is due to several forces: changes in the supply of apartments, changes in the number of people seeking apartments, as well as a “frictional” level of empty apartments due to a timing gap between move-outs and move-ins. The apartment market is, in turn, affected by the strength of the owner-occupied housing market. Key determinants of owner-occupied housing in the County are population growth and income growth.
Apartment vacancy data are used by public and private sector organizations to evaluate the need for new housing programs and for private construction. In addition, the rental vacancy rate is a component of national indices of leading economic indicators used by the Federal Government and economic forecasters to gauge the current economic climate.
This indicator uses a series collected semi-annually by the Washington Center for Real Estate Research for Spokane County. The vacancy rate for 1 and 2 bedroom apartments with average rent amounts is also available (See Indicator 7.13). The overall Washington State vacancy rate, also calculated by the Center, provides the benchmark.
Where are we?
In the fall of 2012, Spokane County’s overall apartment vacancy rate was 4.3%. In the spring of 2000, the rate stood at 6.1%. Spokane saw its lowest apartment vacancy rate in fall 2007 at 3.1% and its highest rate in spring 2010 at 7.8%.
In the fall of 2012, Washington State’s apartment vacancy rate was 4.5%. In the fall of 2000, the rate stood at 4.6%.
Data Sources