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.

 

 

 

Is Seattle’s Apartment Boom Overbuilt?

If you’ve seen new apartment buildings sprouting up left and right in your neighborhood, you’re not the only one. Developers are planning on opening more apartments this year, than they have in the past 20 years, and plan on continuing to built throughout 2014 too. The majority of the building will be done in the downtown neighborhoods, and to some watching, it seems like a classic act of over the top real estate. According to the Seattle Times, many banks and others increased their financing for apartments in 2012, but some lenders are becoming more cautious, with the understanding that when new apartments open when rental rates are higher, they might have to offer deeper discounts to fill vacancies.  Concerns aren’t running high at this stage in the game, but if construction continues at the rate it is going, many are concerned that a Seattle apartment bubble is in place, is demands aren’t keeping up to pace. jason

On the other end, construction wouldn’t be booming if vacancies weren’t at the lowest they’ve been in over a decade, which has caused rent to skyrocket. The market rate is currently well below 5%, and even below 3% in some neighborhoods, causing an unbalance between the hierarchy in power between landlords and tenants. According to the Times, apartment construction and rent growth in Seattle is more intense than in most of the nation. Apartment developers are flocking to Seattle due to the strong job growth projections, but are the estimates going to cause the city to be overbuilt? For more information on Seattle’s apartment growth, visit the Seattle Times. If you’re currently searching for a new apartment, check out some of these Seattle Rentals.