Tuesday, July 7, 2009

King County Residential Rental Date - June 2009 & 2008

Just as I did in May, I reviewed the data for the residential rentals in King County on the Northwest Multiple Service (NWMLS). As I pointed out in my blog on the May numbers, the NWMLS has its limits when analyzing the number of units rented. The most significant limit is the NWMLS only has information on rentals that are represented by a licensed agent who is affiliated with the NWMLS. Thus it does not include large apartment complexes that tend to have their own in-house sales team nor does it include owners who rent their units without any one's assistance. Nonetheless, I find the numbers are interesting and informative.

In June 2009, there were 387 units rented and the median price was $1,850 or $1.01 a square foot. The median days on the market were 33 days.

In June 2008, there were 285 units rented and the median price was $1,875 or $1.24 a square foot. The median days on the market were 24 days.

At a glance this seems similar to the numbers reported in my blog on the May numbers (328 units rented/$1,795 per month/$1.04 sq. ft./38 days on market), but one can see some changes. While the price dropped a little less than 3% per square foot, the number of units that rented jumped 18% (in a month with one less day) and the days on the market decreased about 13%. When comparing June of this year versus June of last year, one can notice that the number of units rented were much higher in the current year (35.5% higher), but the price per square foot was lower (-18.5%) and days on the market were longer (37.5%).

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