Apartments rents had the largest drop in in price in the last decade in December. This is primarily due to the large number of new apartments opening in the area. Brand new complexes are offering move in specials in order to get their properties filled. According to a survey by Apartment Insights, this has resulted in a decrease in rent of 2.9%, or an average of $50/month, for apartment renters. In and around downtown Seattle, the result is an average of $100/month. Rents dipped more than 6% in the more popular areas of First Hill, downtown Seattle, Belltown, South Lake Union, Ballard, Redmond and the Sammamish/Issaquah area.
This decrease in apartment rental prices is impacting condo and single-family home rentals. The question is, will it impact the sales market if rentals become more affordable?
We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!
There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication. 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 obtain the advice of an attorney well versed in these matters.
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