Five Rental Market Quick Stats
1. The current market vacancy rate hovers at 4.7%, but dips as low as 3.7% and 3.1% in certain areas (on the Eastside and in-city Seattle markets, respectively).
2. Rents increased region-wide by 4.2% in the past year (the largest growth since 2008). Managers and investors are planning on pushing those rents up another 2.6% by next fall.
3. Not only are rents up, but concessions are down. Approximately 26% of properties are offering rent concessions, compared to 60% just two years ago.
4. Developers are expected to open 5,000 units by the end of this year, a dramatic improvement over the 1,500 units that were opened last year.
5. The average price per unit for an apartment building listed for sale is $127,000, a 7% increase over last year.