Affordability drives rental vacancies up, rents lower

The apartment sector has been the strongest component in the commercial estate market the past few years, but the sliding price of homes for sale has pushed apartment vacancy rates higher and rents lower in the Puget Sound area.

In a nutshell, more renters are becoming homeowners.

Dupre + Scott, a West Seattle-based apartment research and investment firm, reported that the mortgage payment for a median-priced, single-family home in King County is approximately $1,520, down from more than $2,500 four years ago.

However, today’s cost to rent a similar dwelling is $1,930 a month, making homeownership more attractive for those choosing to own the roof over their head.