Posted by: phillipsre | September 29, 2015

Looking To Rent – Consider an Older Building For More Affordable Rents 

home-for-rentNew reports from Dupre+Scott Apartment Advisor shows that prices for rental apartments might be slowing down in the coming months. This article from the Seattle Times discusses the changing rental market in Seattle. The average cost of a one-bedroom apartment in King County is $1350 per month which has increased 9.4 percent over the past year, but the reports also have shown that this number might be a bit skewed because of the report included a record number of new upscale apartment buildings, that have recently been built in King County. 

Most of these buildings are being built in downtown Seattle and in that same area there has been a slowdown in rent growth for the older units included in the report. This year there was a 3.9 percent growth, compared to last years increase of 8.4 percent. Based on these changes in the market, the report also mentions that only about a third of landlords in Dupre+Scott’s semiannual survey expect to raise rents by March, compared with about three-quarters a year ago. This is great news for tenants and those looking for new rental properties, for landlords this shows that they are staying competitive with the market. More information on the Dupre+Scott report can be found here and for a look at rental properties in Seattle and surrounding areas check out Phillips Real Estate Services rental search.  


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