Did you know... March 28, 2022

Seattle’s Disappearing Rental Properties

Seattle tracks the number of rental properties in the city through their Rental Registration and Inspection program?  According to the latest data from Seattle’s Rental Property Registration database, Seattle has had a net loss of 3,050 properties and 9,759 units since May 2021. During that time, just 27 rental units were added to the market.

Of the properties lost, 2,401 were single family homes which are typically owned by small, individual housing providers. Over the last five years, Seattle has enacted 39 new ordinances that, the Rental Housing Association concludes, taken together, significantly increase the risk to small housing providers while increasing their costs. The result is an ongoing departure of rental housing as people sell and leave the market. These homes typically become owner occupied, rather than continuing as rentals.

May 2021                   January 2022
Size ClassPropertiesUnitsPropertiesUnits
Single Unit21,36321,36318,96218,962
2 to 4 Units4,59812,0074,15510,886
5 to 20 Units2,80227,2492,68525,757
21 to 50 Units83626,29877424,302
51 to 99 Units29620,88628219,999
  100 to 200 Units17424,42316222,534
200+ Units9326,6589226,685

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.