RENT PRICES AND THE MORATORIUM

Although rent prices decreased by as much as 20% during the pandemic, rents in some areas are rising again.  The governor’s eviction moratorium included a prohibition against rent increases from March 2020 through June 2021.  Now that rents can be increased with a 60-day notice, some landlords are trying to recoup income lost during the moratoriums.

As remote work reduced the need to be in city centers, some renters went in search of more affordable rents or more space, driving up prices outside Seattle.  Now, “people are considering dense cities to be the attractive place to live they had for much of the pre-pandemic period,” said Rob Warnock, senior research associate at Apartment List.

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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.