Mixed news for Seattle area rents

rentalAccording to a Seattle Times article dated September 2013, 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.

For all of 2013, area rents rose 6.5%. Rents dipped by $5 in the fourth quarter of 2013, and are predicted to fall some in 2014.

The Seattle metro area is in the middle of the biggest apartment building boom in two decades. Robust job growth has pushed vacancy rates to historic lows, placing Seattle among the worst U.S. cities for recent rent increases.

The 6.5 percent growth in rent in 2013 was the highest annual increase since the last job boom when average apartment rents jumped 8.6 percent in 2007 and 9.6 percent in 2006.

Kirkland

Median rent for 2-bedroom unit $1,507
Year over year increase 7.5%

Redmond

Median rent for 2-bedroom unit $1,677
Year over year increase 4%

Capitol Hill

Median rent for 2-bedroom unit $1,933
Year over year increase 4.1%

Rents Map of Puget Sound, Seattle Times

 

Seattle Rents 2014

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