empty but still expensive

Fairbanks has empty apartments everywhere, but rents are not going down.

The Fairbanks North Star Borough is sitting at a 13.5 percent rental vacancy rate, more than double what we see in Anchorage, and three times higher than Juneau. You'd think that would mean cheaper rent. It doesn't.

Average rent across the borough still runs around $1,500 a month, putting it right in line with the state's two other major cities. The disconnect has stumped researchers and frustrated would-be renters who assumed an empty market meant an easy market.

Part of what's happening is that the available units don't match what people actually need. Families moving to Fort Wainwright and Eielson Air Force Base need specific sizes, specific locations, and specific lease flexibility.

The borough has started trying to fix this, recently approving tax breaks for developers who build new multi-family housing with bigger units. We'll see if that moves the needle before the next wave of military families arrives.