Seattle Rentals Market: 5000 New Units, 4.2% Rent Increase
This week’s Seattle Rentals newsletter had some interesting numbers courtesy of Dupre + Scott.
5 Rental Market Quick Stats
- The current market vacancy rate hovers at 4.7%, but dips as low as 3.7% and 3.1% in certain areas (on the Eastside and in-city Seattle markets, respectively).
- Rents increased region-wide by 4.2% in the past year (the largest growth since 2008). Managers and investors are planning on pushing those rents up another 2.6% by next fall.
- Not only are rents up, but concessions are down. Approximately 26% of properities are offering rent concessions, compared to 60% just two years ago.
- Developers are expected to open 5,000 units by the end of this year, a dramatic improvement over the 1,500 units that were opened last year.
- The average price per unit for an apartment building listed for sale is $127,000, a 7% increase over last year.
Interested in more? Check out the Seattle Rentals blog post, Dupre + Scott’s 1-19 Unit Apartment Report: Part One.
