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.
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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.
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