WHAT HAPPENED TO ONE BEDROOM RENT?

That the pandemic has affected one-bedroom rents more than other sizes?  Just as during the Great Recession, some tenants are moving out of a one-bedroom rental, into a two-bedroom with a roommate because half of a two-bedroom is less expensive than all of a one-bedroom.  A new trend during the pandemic is couples working from home, who are moving from a one-bedroom to a two-bedroom so each can have a separate workspace.  

43% of rentals in Seattle are one-bedrooms, per Apartmentlist.com.

Zumper reported that as of April 11, 2021, the average price of one-bedrooms in Seattle was $1,500, which they report is a 17% decrease compared to last year.  The chart below shows the recent history of one-bedroom prices in Seattle.

According to ApartmentGuide.com, in March 2021, two-bedroom apartments were the only unit size to experience growth, both month-over-month and year-over-year. Two-bedrooms are also the only unit type becoming more expensive in every region of the country.

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 services.
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