RENTAL RATES – UP OR DOWN?

The increase in new construction apartments has resulted in higher vacancy rates and lower rents.  In Seattle, new apartments are offering up to two months free rent.  According to CoreLogic, vacancy rates in apartments range from 3.9% in Des Moines to 25% in downtown Seattle.  This has impacted the single-family rental market as well, which had the slowest increase in rents since the recession this year.

In 2017, Seattle’s rent growth was the highest in the country with a 5.2% increase year-over-year.  In 2018, Seattle’s rent growth dropped to 22nd in the nation, according to ApartmentList.com.  Rent growth also slowed in Portland.  Nationally, rent grown has slowed from 3.6% in 2015 to 1.5% year over year in 2018.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.

About Coldwell Banker Bain Property Management

As residential property managers for Coldwell Banker Bain Property Management Division, we manage single family residences, individual condominium units and small apartment complexes in the greater Puget Sound region. We serve Seattle, Tacoma, Anacortes, Marysville, Bainbridge Island, Lynnwood, Everett, Redmond, Bellevue and many other cities in Washington State. We also offer full service commercial property management.
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