It’s more expensive to rent a place to live in Juneau now than it was last year.
The average monthly rent in Juneau, including utilities, rose 3 percent over the year to $1,100, according to the Alaska Housing Finance Corporation. The state average is $1,119.
Renting difficulty in Juneau is compounded by the area’s low vacancy rate of a mere 3.5 percent. Renting a two or three bedroom place in the capital city is particularly costly, with rates being the third highest in the state for both categories.
Juneau’s rates are, on average, about $34 more per month than a year ago. There was a decrease in rates from 2011 to 2012, but the four-year trend is a steady climb.
Moving a single family to Juneau is particularly difficult because the market for three-bedroom homes for rent is slim. No respondents had units available at the time of the survey. The average two-bedroom unit in Juneau costs $1,250 a month to rent.
Juneau checks in as the third most expensive market in Alaska in both two-bedroom and three-bedroom rental categories.
The Kodiak Island Borough has the highest median rent at $1,365 a month, and the Kenai Peninsula Borough comes in as the second lowest at an average of $900 a month. The peninsula’s market for two-bedroom units is tight with just a 2.3 percent vacancy rate, but finding one means an average monthly rent of $890 which is the second-lowest in the state and nearly a third lower than Anchorage’s rates.
Rental rates in Fairbanks grew the most this year, increasing by 6 percent to $1,104. The northern city also boasts the highest cost for renting three-bedroom homes at an average of $2,131 a month.
Part of the high cost of renting in Fairbanks can be attributed to the extreme climate and associated energy costs.
Finding available places in Fairbanks is easier than most other areas in the state, which is indicated by a 9.2 percent vacancy rate. The Alaska Department of Labor and Workforce Development, which conducted the survey, attributes the city’s high vacancy rate to high mobility in the area thanks to a nearby military base and the University of Alaska, Fairbanks campus.
Rent in Anchorage, Alaska’s largest city, is the second-highest in the state, and the vacancy rate is lower than anywhere else at 3.3 percent.