Pullman vacancy rate below state average
January 25, 2017
Vacancy rates, which correspond to the percentage of vacant properties in any given area, in Pullman currently lie at 1.4 percent, lower than the state’s average of 3 percent, according to a fall 2016 report from the Runstand Center for Real Estate Studies.
Director of City Planning Pete Dickinson said traditionally the higher the vacancy rate, the more outside developers are interested in expanding to said areas. Because of the presence of a research university like WSU in the area, developers are still interested in coming to Pullman.
“Our college community is of obvious interest to developers,” Dickinson said. “It puts us on the map, locally and nationally, and allows for investment.”
Vacancy rates are important to analyze because they provide a snapshot of what type of supply and demand exists in a community, said Anita Hornback, president of the Whitman County Landlord-Tenant Association.
“Pullman is different in a way (in comparison to large cities) because a small amount of development building can become a large percentage of housing,” Hornback said. “But the community is open to a slow but steady growth.”
Thirty years ago, people didn’t move to Pullman for job opportunities, but with the expansion of the university and companies like Schweitzer Engineering Laboratories, more individuals are moving to Pullman, she said.
WSU students make up a significant portion of the population in town. In recent years, however, with the university’s rising enrollment rates, Dickinson said he has witnessed the amount of apartment permits rise to compensate for the incoming student populations.
“We are a stakeholder in the community, and it’s important that we have great relationships connecting one another,” Assistant Director of Housing and Dining Services Meg Autry said.
Growth, Dickinson said, is very positive for the community. From what he has heard from community members, they welcome the new, yet gradual changes taking place in the community as both the city and the university grow.
“We want the community to be on board with what’s going on,” Autry said. “We have great relationships with the community and we try to make sure we help each other out.”