The folks on MSN Real Estate published a list of U.S. "cities where rents are rising the most", and not surprisingly, Seattle made the cut. Seattle was given the No. 9 slot, and it’s no wonder considering how hot the rental market currently is. The weak housing market coinciding with a decreasing (albeit slow) unemployment rate is forcing Seattleites into renting. If I remember the concepts of my microeconomics class correctly, then yes, it’s likely a large majority of renters will be seeing rent increases in the coming year(s). A recent Seattle Times article published in March revealed that vacancy rates fell to 4.9 percent, the lowest since 2007. Developers are also taking advantage of the trend with proposals for apartment buildings and complexes in multiple Seattle neighborhoods. For example, the Pine Street Group is planning a twin-tower complex in Denny Triangle, Schuster Group changed condo proposal plans to an apartment proposal set for Belltown, and Avalon Bay Communities plans to have two, seven-story apartment buildings in the U-District-just to name a few. Don’t fret, renters. If you’re phased by the increasing rents, consider finding rentals from private parties through agents or a listing database. Not to say their rates won’t reflect the current market, but they could be less likely to systematically raise rents which can often happen with large apartment buildings. Please follow the link if you’re a renter and searching for your perfect Seattle rental.
