Over the past year, there has been more new construction for
apartments than over the past two decades, but rental rates in Seattle
seem to be unaffected. According to the Seattle Times,
vacancy rates continues to remain low, and while the price retention
doesn’t sit well with renters, the nearly 2,000 new apartments that
filled quickly over the past year indicates a healthy rental market.
Over the past few months the average rental rate rose to $1,190, and the
vacancy rate in the city is set at 4.41%. Many are concerned that the
overbuilding will affect rates, as a percentage of current renters are
expected to become home buyers in the near future, but that didn’t seem
to happen this year.
Many attribute this to the influx of employment opportunities in the
city with Amazon Microsoft, and Google, setting the bar higher for an
increase in employee housing, thus creating a greater need in Seattle’s
rental market.While rental rates continue to rise in the
area, mortgage rates have remained at historic lows, and prices have
started to rise, making it the perfect time to buy, or sell your home.
Photo credit: www.third-estate.com
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