AGM helps multi-family property owners with property valuations, multi-family market updates, and with recommendations for strategic property improvements that provide the most return on investment.
2018 market data from RentCafe indicates that apartment sizes have been steadily declining over the past ten years, and Seattle now has the smallest apartments in the country (an average of 711 SF versus the national apartment size of 941 SF). The 2018 average rent for an apartment in Seattle is $2,045, versus a national average of $1,419.
Indications suggest that 2019 will continue to see growth in the demand for apartments, with vacancies remaining low and declining among Class B and Class C multi-family buildings.
Nationally, “cheap apartments” and “studios” were the most searched for apartment rental keywords in 2018 – not surprising given the rising rents and shrinking size of apartments.
What does this mean for the multi-family property owner?
Owners of Class B and Class C apartment buildings have an opportunity to maximize rental rates and minimize vacancies with tweaks to their property strategies. Speak to one of our multi-family specialists to find out more.
AGM’s sister company Phillips Real Estate manages approximately 10,000 multi-family dwelling units in the great Puget Sound region.