Alaska's rental market survey for 2019 detailed in Alaska Economic Trends

    Juneau, Alaska (KINY) - Rents fell slightly this year and vacancies increased in Alaska this year.

    That's according to the 2019 survey conducted by the Research and Analysis Unit in the State Department of Labor and Workforce Development in cooperation with the Alaska Housing Finance Corporation.

    The survey is the subject of an article in the August edition of Alaska Economic Trends penned by Economist Rob Kreiger.  He says the survey is conducted every March.    Landlords were asked to report on their rental costs and vacancy rate during the week of March 11 this year.

    Kreiger explained that some landlords include utilities and some don't.  To make the numbers more comparable, he said they came up a figure that estimates the cost of utilities which is referred to as the "adjusted rent."   "The median adjusted rent for 2019 came in at $1,165 for all the units we compared," he said.  "That's down about thirteen bucks from the previous year."

    Kreiger said the vacancy rates are probably the most interesting thing with it continuing a three-year trend of upward vacancies at 8 point 6 percent.  "That's the highest its been in ten years, " he said.

    Rents for a two-bedroom apartment were the highest in Kodiak at $1,371 per month followed by Juneau at $1,352.

    Wrangell and Petersburg were the lowest at $861.  The rent in Sitka was $1,291 and $1,249 in Ketchikan.

    The most expensive rent for a three-bedroom house was in Anchorage at $2,011.  Wrangell and Petersburg were the lowest again at $1,085.   The second-lowest was Ketchikan at $1,456.   Juneau had a rent of $1,947.  Sitka came in at $1,850.

    The vacancy rates for all unit types was the highest in Fairbanks at 19 percent.  Anchorage had the lowest rate at 5 point 2 percent.

    Juneau was at six percent, Sitka at 8 point 3 percent, and Ketchikan at 7 point 2 percent.

     

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