Wednesday, August 19, 2009

Quick Look at Seattle Rental Numbers

I did a quick look at the rental numbers in the Northwest Multiple Service (NWMLS) at the Seattle rental numbers. Same disclosure as always: NWMLS only has a fraction of all the city's rentals because it only includes rentals by real estate agents that are members of the NWMLS. For example, there was 62 units rented by NWMLS members in Seattle for the first half of August 20009, but this is up from 49 units rented in the first half of August 2008. Anyway, at least for the first half of August when I compare the mean for 2009 with 2008, the price per square foot is up over 2%. The mean price per unit is down 16.5%, but the size of the units are down over 18% which keeps the price per square foot relatively high. It is interesting that presumably the units are lesser quality because in 2009 the mean unit is 2 bedrooms and 1.5 bathrooms, when a year ago they were 2 bedrooms and 1.75 baths. So the amenities are less while the price per square foot is up. It does take 6 more days in 2009 (29 versus 23 days) to rent the units.


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