Why This Measure Matters​

Vacancy rate reflects the availability of rental housing in a community. Low vacancy rates in a community will drive up rents, and research supports that low vacancy rates are correlated to increased rates of homelessness and housing instability.

What’s the Story?​

Over the last decade Skagit County vacancy rates have indicated a significant lack of available rental housing. In quarter one of 2015 the vacancy rate hit a low of 0%, continuing to hover between 0% and 2% for the next 8 years. The vacancy rate broke 3% in 2023 and has consistently stayed at or slightly above 3% over the last two years. While still indicative of a tight and competitive rental market the slow and steady increase in vacancy rates suggest that housing availability is gradually improving.

Targets are based on the industry standard for a healthy and balanced rental market, which is a minimum 5% vacancy rate.

· Below 5% is well below target (Red)

· 3-5% is approaching target (Yellow)

· 5% and above is at target (Green)

Target

Target for the rental vacancy rate is 5%, with 3-5% considered approaching the target, and anything below 3% well below target.

Reporting Frequency​

Quarterly