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Oct 23

Puget Sound rent increases lead the nation

SeattleRentIncreases- Aug13Seattle area rents up 6% in one year

Apartment rents in the Seattle area rose faster in the past year than in any of the 81 other major U.S. metros tracked by a leading property-research firm. New York-based Reis reports the average asking rent in the Seattle area climbed 6% in the past 12 months, outpacing increases in other bustling tech centers such as San Francisco, San Jose, Calif., or Boston.

 
Seattle’s rents grew more than twice as fast as the national average of 2.6 percent.

Seattle rental demand is ‘stunning’

The vacancy rate in King County last spring was 3.32 percent, the lowest since 1998, according to apartment-research firm Dupre + Scott, with current demand for apartments in the Seattle area is called ‘stunning.’

There were 10,034 more occupied units in June than a year earlier, putting the region second only to Houston in the number of units added over the past year, which speaks to how strong the local economy is.

How has your rent changed over time?

Check it out with this cool app from the Seattle Times. Here are some examples:

BELLEVUE

Median Household Income:   $84,300

RENTALS in Housing Stock:  43%

Median RENT for 2-bedroom unit:  $1,643/month

Year-over-year Increase:  6.4%

 CAPITAL HILL, SEATTLE

Median Household Income:   $47,666

RENTALS in Housing Stock:  74%

Median RENT for 2-bedroom unit:  $1,933/month

Year-over-year Increase:  4.1%

 

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