Seattle may be the move if you're looking to take advantage of reduced costs. The city was named the fifth most expensive city to live in only a year ago, but the times are changing.
If you're thinking about moving to Seattle, it's important to stay up to date with the Seattle rental market. Prices for rental properties are continuously shifting, so take advantage of this comprehensive guide to plan your next move.
The Value of the Emerald City
Seattle rent prices have either dipped or stabilized since COVID-19's effect on the U.S. Since the pandemic hit in February, renters are taking advantage of more and more rental concessions. This includes free months of rent and other incentives offered by landlords.
A super competitive rental climate has caused 37.1 percent of rental listings to include some form of concessions. Lower inventory and high demand for properties have urged landlords to get creative with their listings.
You can currently find an updated 2 bedroom with a garage for $1,800, plus free rent for the last month. This offers way more savings for Seattle renters compared to previous years.
The Seattle Rental Market During a Pandemic
Since COVID-19 slowed down the housing market for most of the country, we're seeing differences in the way properties are listed. Homeowners looking to sell were faced with less competition this year, so many decided not to list during Spring and Summer. Regardless, prices remained strong and some areas had over a 10% increase in property prices.
For renters, there's an inverse effect with many Seattle neighborhoods seeing more affordable rates. Renters include over half of the population in Seattle due to high buying costs and limited space. These renters are now taking advantage of a lower than average apartment rent in Seattle for these neighborhoods:
- The Highlands — $1,354/mo average rent
- Broadway — $2,031/mo average rent
- Richmond Beach — $1,354/mo average rent
- Innis Arden — $1,354/mo average rent
The average cost of rent in Seattle is now close to 2% less than a year ago. The fact that you can find an affordable 4 bedroom with a garage is a huge appeal for renters.
What's The Trend For Seattle Rental Properties?
We usually see a 1.5% increase in rent prices from year to year. That wasn't the case for 2020 with falling rental costs. Property owners who rent their homes and apartments out will certainly have to weigh their options this year. Concessions to keep up with competition may be the latest trend, and be sure to stay up to date on Washington's eviction moratorium.
Get A Rent Analysis
It's more important than ever to stay aware of housing market trends. The Seattle rental market is leading in rental trends across the U.S. and the market is constantly changing during these unprecedented times.
Renters can surely take advantage of lower rental costs in Seattle, while property owners may need some advice on how to adapt to the wavering market. Consult your local property manager or sign up for a one on one session with a Next Brick market specialist for a free rent analysis.