Kitsap County Rental Housing Market continues to show low inventory and high demand.
Rental trends have continued to show a very tight market in Kitsap County with not much inventory available. Overall vacancy rates and market time continue to remain low. Of the listings that are shown on various web sites, a significant number of them are noted as “application pending” and are already rented. In response to the lack of inventory and continued demand for housing, rental prices have increased. Details Property Management continues to monitor available listings and current pricing trends. Below is a graph showing 2018 listings through 2/28/18.
2018 Kitsap Rental Trends
Based on historical data, sales market inventory and recent legislative issues, we expect the current Kitsap rental trends to be similar to 2016 and 2017. The number of available listings in 2018 started off similar to 2017 with a steady decline in number through the first seven weeks. The last two weeks have a slight increase in number, but a lot of those are already pending so it will be interesting to see if the number of available listings drop through the spring months as it did last year. Even if the number remain closer to the 100 mark, there is still not enough inventory to meet demand so we anticipate prices remaining higher than previous years.