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February 4, 2010

Apartment vacancies head for historic highs

By JOURNAL STAFF

Apartment vacancy rates in the Puget Sound region will reach historic highs this year, according to a new report by Marcus & Millichap.

A second report by Apartment Insights shows that vacancy rates shot up in Kitsap, Pierce and Thurston counties in the fourth quarter. In Pierce County, the rate jumped to 9.2 percent, up from 4.3 percent when the market peaked in the third quarter of 2008. Vacancies in Kitsap and Thurston counties were 6.8 percent and 8.2 percent, respectively.


 
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