Rents across the nation are naturally creeping up, but the Seattle apartment rental market is skyrocketing. Big companies such as Google, Microsoft, and Amazon drive up the demand for affordable housing in Downtown Seattle. Even more, the housing market is booming in the Greater Seattle Area, making this Northwest City a hub for temporary renters until they can make the educated decision to buy a home.
Let’s take a look at some numbers:
Average Rent in Seattle: $1,718
Average Regional Rent: $1,066
Rent Increase from 2010: 8.5%
Seattle Vacancy Rate 2013: 2.9%
National Vacancy Rate: 4.3%
As you can see, as vacancies lessen in the Seattle area, more people are competing for the few available apartments. In turn, rental rates are massively increasing within the city. According to CBS News, Seattle is the 9th most expensive city to rent an apartment.
What does this mean? Purchasing a home in the Greater Seattle Area will likely result in a massive return on investment for a smart homebuyer. Seattle has one of the strongest real estate markets in the nation and home prices are only rising.
View our blog HERE about why Buying a Home in the Seattle Area is more cost-effective than Renting a Home in the Seattle Area.
Team Troy’s Current Rentals:
Information Courtesy of MSN Real Estate and CBS News; Rates as of March 2013