King County Residential Rental Data - July 2009 & 2008

The data from the Northwest Multiple Service (NWMLS) shows the following for King County:

In July 2009, there was 396 units rented with the median price of $1,795 or $1.15 per square foot. The median days on the market was 38 days.

In July 2008, there was 292 units rented with the median price of $1,963 or $1.12 per square foot. The median days on the market was 23 days.

(Note: See my June blog regarding the limitation of the NWMLS rental data.)

When comparing July this year with last year, you see there is over a 35% increase in the number of units rented which has been a trend the last three months (both June and May 2009 were both about 30% more than the similar month of the previous year). The MAJOR twist is the price increased over last July (July '09 = $1.15/ft versus July '08 = $1.12/ft). In fact the price per square foot in July jumped significantly from June ($1.01/ft) and May ($1.04/ft) of this year and reverses the trend of the price being significantly less than the previous year! This news should be tempered by the days on the market which continue to be significantly higher than in 2008, but the pricing news seems significant. We will have to wait and see if the pricing will continue to increase or at least hold to see if this was just a blip.

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%).

King County Residential Rental Data - May 2009 & 2008

I was just looking at the rental data for King County on the Northwest Multiple Service (NWMLS). The Northwest Multiple only shows rental information for units that were represented by a licensed agent who is a member of the NWMLS. Thus the data only represents a portion of the rentals in King County. Saying all this, I will point out the data and let you make your own conclusions.

In May 2009, 328 units were rented, with a median list rent price of $1,795 or $1.04 per square foot, and median days on the market of 38 days.

In May 2008, 256 units were rented, with a median list rent price of $1,850 or $1.15 per square foot, and median days on the market of 27 days.