The average cost in rentals with 50 units or more dropped slightly at the end of 2012, providing a ray of hope for Seattle renters. Are the days of steep rent increases coming to an end? According to the Seattle Times, landlords may have to start getting used to more vacant apartments and smaller increases in rent, with the influx in construction. Our local market is still very good for Landlords, but it is beginning to flatten out, and the east side of the city, particularly Bellevue, Kirkland and Redmond have noticed the biggest change as of recent, with the average rent down 3%.
According to Tom Cain, owner of the research firm Apartment Insight Washington, the drop on the Eastside could be due to the toll increases of the 520 bridge. The greater Seattle area is also experiencing the largest increase in construction in over 20 years, so with inventory up, in theory the cost in rent could flatten out sooner than later. For more information on Seattle Rentals, click here.