Seattle Rents - What's the deal?

What is going on with Seattle Rents? Are they still increasing? Are they flat? Are they declining?

Many reports in the past few months have been published about the housing market. Most of the reports center around the supply of housing finally catching up to and exceeding demand. According to Wolf Street in the five years from 2014 through 2018 so far, over 46,000 apartment units have been constructed. This only counts buildings with over 50 apartments and does not include condo projects, apartments in smaller buildings, or single-family homes that have been constructed.

Bloomberg recently reported that Seattle is leading the US in a rental glut. They highlight the over-supply of new apartments is causing a lot of competition for tenants. They Bloomberg reports highlights owners now offering move-in bonuses, incentives, and relaxing restrictions (like pets).

So what does a homeowner do? Rents are starting to decrease. If you have a rental property, then you will need to be prepared for tenants asking for concessions and move-in bonuses. But doing things like pricing appropriately, updating appliances, and providing small incentives should help rent your property quickly. Reach out to Proper Rent to create a plan for your rental property.