Apartments rents had the largest drop in in price in the last decade in December. This is primarily due to the large number of new apartments opening in the area. Brand new complexes are offering move in specials in order to get their properties filled. According to a survey by Apartment Insights, this has resulted in a decrease in rent of 2.9%, or an average of $50/month, for apartment renters. In and around downtown Seattle, the result is an average of $100/month. Rents dipped more than 6% in the more popular areas of First Hill, downtown Seattle, Belltown, South Lake Union, Ballard, Redmond and the Sammamish/Issaquah area.
This decrease in apartment rental prices is impacting condo and single-family home rentals. The question is, will it impact the sales market if rentals become more affordable?
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