The
average rent for an apartment in the Seattle area rose to $1,214 a
month in 2013. A new report suggests that rental prices will at least
stabilize if not decline in 2014. Rental prices have dipped $5 and the
number of vacancies is up which is a sign of the market softening. The
Seattle metro area is experiencing its largest apartment building boom
in the past 20 years. All of the upcoming vacant units will cause
competition for tenants and slow the rent hike. Bellevue has the area’s
most expensive rates for a one-bedroom apartment at $1,434 a month.
Belltown, Denny Triangle and South Lake Union are the most expensive sub-markets with rates averaging $1,624 a month for a one-bedroom. The
most expensive neighborhoods are Fremont/Wallingford ($1,514), Capitol
Hill ($1,449) and First Hill ($1,421). Lower rents were found in North
Seattle ($957). If you're searching for s Seattle Rental, contact your local real estate agent today.Wednesday, January 8, 2014
Market for Seattle Area Apartment Rentals Softening in 2014
The
average rent for an apartment in the Seattle area rose to $1,214 a
month in 2013. A new report suggests that rental prices will at least
stabilize if not decline in 2014. Rental prices have dipped $5 and the
number of vacancies is up which is a sign of the market softening. The
Seattle metro area is experiencing its largest apartment building boom
in the past 20 years. All of the upcoming vacant units will cause
competition for tenants and slow the rent hike. Bellevue has the area’s
most expensive rates for a one-bedroom apartment at $1,434 a month.
Belltown, Denny Triangle and South Lake Union are the most expensive sub-markets with rates averaging $1,624 a month for a one-bedroom. The
most expensive neighborhoods are Fremont/Wallingford ($1,514), Capitol
Hill ($1,449) and First Hill ($1,421). Lower rents were found in North
Seattle ($957). If you're searching for s Seattle Rental, contact your local real estate agent today.
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