The King County rental market saw an increase in leased properties in March, with 641 rentals, versus 611 leased properties in the same month last year, according to statistics from the Northwest Multiple Listing Service (NWMLS). While the NWMLS is a good gauge, it is only a portion of the real estate market. Nonetheless, it shows rentals continue to be in high demand, especially in Metro areas. Developers are following suit with big apartment buildings popping up in Ballard, Downtown, and South Lake Union and according to an article from PSBJ, Seattle ranked the 7th best market for rental property investing.
There are 268 current active rentals per the NWMLS in King County, 72 of which are in Seattle neighborhoods within about 6 miles of the downtown core and primarily made up of apartments and condos. Rents continue to be competitive in the real estate market.
For more information on Seattle rentals, please contact your local real estate agent.