Rents Decreasing in Seattle?

seattle-rentalsMost have seen the headlines about ever increasing rents in Seattle.  While this overall news has been true in the recent past (meaning earlier this year), the Seattle rental market has seen some signs of relief for renters. For example, Rent Jungle shows the average apartment rent over the prior 6 months in Seattle has actually decreased by $13 (-0.6%). When looking at the Northwest Multiple Listing Service, the number of rented homes and the average rent in King County has decreased when looking at the most recent calendar month. In November 2015, there was 228 rentals which leased for an average of $2,644 per month while in November 2016 there were 214 rentals which leased for an average of $2,598 per month. The most often given reason for the decrease in rent is the number of new apartments coming on the market. Looking just at Downtown Seattle, the development map shows 20 new apartment projects were completed in 2015. At the mid-point (June) of 2016, 3 apartment projects had been completed but 11 were under construction and projected to be finished. In 2017, 27 apartment projects in Downtown Seattle are expected to be completed. This is meant to keep up with the demand of the ever-growing Seattle with new tech jobs continuing to come to the area.

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