The average rent across King and Snohomish counties dipped 2.9 percent in December compared with the prior quarter, according to a new quarterly landlord survey by Apartment Insights/RealData.
Rents across the region had soared 48 percent over the previous five years. The Seattle area led the nation in rent hikes in 2016 and early 2017, according to Zillow.
A separate Apartment Insights/RealData report found the average rent across Pierce, Kitsap and Thurston counties were up slightly from the previous quarter and grew 7.8 percent from the previous year, indicating the South Sound rental market is now significantly hotter than King County, even as it remains a much more affordable option.
While rents continue to drop in King and Snohomish counties, largely due to the number of new construction apartments, rents have increased in Pierce, Kitsap and Thurston counties.
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Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.
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