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Did you know... • February 14, 2022

RENTAL MARKET REBOUND?

by Michael Waggoner

According a survey by the Rental Housing Association and CoStar, the rental market rebounded in 2021. The rental market made a comeback in 2021 after a slowdown in 2020 due to the coronavirus exodus of office workers. In 2021, annual rents increased an amazing 10.4% in metro Seattle, year-over-year, after rents fell for the first time since 2009 in 2020.  The rental market was stronger outside of the city core in 2020 but urban rents are increasing again as many renters move back to the city center. As many workers continue to work from home, two+ bedroom rentals have grown faster than studios and one-bedrooms. 23,000 new apartments are underway in the greater metro area, with the concentration in the urban core.  This will increase inventory by 6.3% and could affect rental pricing again. 

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

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. And if you’re not confused about Washington State residential rental laws, then you must have the ability to walk on water!!

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