Average Rent In Seattle Area Nearing $1,300 Per Month

98121After rising by 6.8 percent in the first quarter of this year, the average rent for an apartment in the Seattle area is continuing to rise as the year progresses, and the average now stands at $1,284 per month, according to a report in The Seattle Times. Since this statistic includes not just the city of Seattle but the surrounding cities, as well, there is quite a bit of variation in the average price when broken down by city, and even by neighborhood. The average in West Bellevue tops the list at $1,912 per month, while the average in SeaTac is more than $1,000 cheaper at $901 per month. In the city of Seattle alone, the average is $1,445. There is also a significant difference in rental costs depending on when the unit was built. For units built after 2010, the average is $1,754, whereas the average for a building built in the 1970’s is $1,019.

Among Seattle neighborhoods, rents in Ballard have gone up by the highest percentage, having risen 12.3 percent over the quarter to $1,628. For a neighborhood that has historically been home to mostly single-family homes, the apartment-building boom is significantly changing the residential face of the neighborhood, and while rents are high, Ballard also posted the city’s highest vacancy rate of 8.6 percent in the second quarter. There are many units still under construction, and when they are complete apartment inventory will have quadrupled over the past six years. To go along with that, vacancy rates are expected to rise to 18 percent.

If you are interested in renting in the Seattle area, contact your local real estate agent today.

 

 

 

Are the Days of Large Rent Increases Coming to an End?

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%. rent

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.