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That the pandemic has affected one-bedroom rents more than other sizes? Just as during the Great Recession, some tenants are moving out of a one-bedroom rental, into a two-bedroom with a roommate because half of a two-bedroom is less expensive than all of a one-bedroom. A new trend during the pandemic is couples working from home, who are moving from a one-bedroom to a two-bedroom so each can have a separate workspace.
43% of rentals in Seattle are one-bedrooms, per Apartmentlist.com.
Zumper reported that as of April 11, 2021, the average price of one-bedrooms in Seattle was $1,500, which they report is a 17% decrease compared to last year. The chart below shows the recent history of one-bedroom prices in Seattle.
According to ApartmentGuide.com, in March 2021, two-bedroom apartments were the only unit size to experience growth, both month-over-month and year-over-year. Two-bedrooms are also the only unit type becoming more expensive in every region of the country.
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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.
