Apartment Glut Creating Waves...

The boom of apartment construction in Seattle has created an interesting situation. Seattle is getting more new units this half-decade than in the previous 50 years combined, and the peak of the openings is happening right now. There are reports that 1/4 of new apartments in Seattle are vacant. The new luxury apartment buildings are not filling up fast enough. So, landlords of these buildings have started to offer incentives, like free rent, free parking, free gift cards, etc.

Once offers like this hit the market it forms an expectation in the mind of potential tenants that all properties should offer incentives. We're now seeing rentals in all areas around Seattle with incentives from a week of free rent to a $500 gift card for new 1-year leases.

Should you be offering a rental incentive? That really depends on the location of your rental, the price you set and the time of year. Single Family homes and townhouses are still in demand. The condo market, specifically near downtown Seattle will likely need some type of incentive. Contact us to discuss a strategy around getting your place rented fast.