Posted by: phillipsre | April 9, 2015

Rental Market Prices in Seattle

Photo Credit: DEAN RUTZ / The Seattle Times

The rental market in Seattle is a moving target. With so many new apartments being built it is hard to keep track of the current rental prices. The good news for tenants is that fewer landlords are raising their rents than last year. Additionally, a lot of landlords are offering concessions to new tenants that are looking to move in. From an article in the Seattle Times last week, it states “about 11 percent of King County landlords in the Dupre + Scott March survey of apartment properties with at least 20 units said they offered concessions that average $1,066. And only one-third of landlords said they plan to increase rent in the next six months, compared with 81 percent in last year’s spring survey.”   

Some analysts that have been watching the Seattle housing market have predicted the apartment-construction boom would eventually lead to high vacancies and softer rents. That has not been the case yet. In neighborhoods like Ballard, where old homes and buildings are being torn down each day to make room for new, giant apartment buildings, the rent remains steady and is not in the mid-level range for most tenants. But as the employment rate continues to go up and new businesses like Expedia move into the Seattle area, they may get them filled up sooner than later.

If you are in the market to rent, check out Phillips Real Estate Services Rental Search. There are a number of rental properties at all price points that are sure to work for a variety of income levels.

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