Vacancy rates top Alaska rental story in 2020

    Juneau, Alaska (KINY) - The state of Alaska's rental market is examined in the August edition of Alaska Economic Trends.

    Economist Rob Kreiger of the Research and Analysis Unit of the State Department of Labor and Workforce Development penned the article.  For this year's survey, he said they found that rents did not change very much from the prior year and so nothings really jumped out in terms of cost.  The story he said concerns vacancies that continue an upward trend rising for the fourth straight year hitting over just over nine percent in 2020.  "That nine percent vacancy rate is probably driven mostly by increases in Fairbanks, Sitka, and Ketchikan all of which saw vacancy rates over eleven percent."

    Juneau's vacancy rate was the lowest in the state at 4 point 4 percent.  It hit 19 percent in Fairbanks, 13 point 8 percent in Sitka, and 11 point 4 percent in Ketchikan.

    The economist said it's difficult to gauge the impact of the pandemic since the survey was conducted in early March.

    Sitka had the highest average rent at $1,300.  The low of $904 was recorded in Wrangell and Petersburg.  Juneau was third at $1,257.   Ketchikan came in eighth at $1,115.

     

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