Earlier than you pour one out for submit–8pm sunsets, let’s look again on the summer season and the Seattle space rental market. The story: worth development by no means got here.
New information from ApartmentList exhibits meager and slowing rents in a lot of the Seattle space in July—the time of yr when development sometimes begins to return down from its summer season peak.
Since hire follows a seasonal sample, almost all will increase happen in the course of the summer season, when demand is excessive. However this yr, development peaked again in March, and the busy summer season season didn’t ship. So In the event you’re out there for a lease, cue the raised glass.
Sluggish hire development in the course of the summer season tends to deliver a couple of sharper dip in costs when demand is sluggish, in the course of the fall and winter. Renting in the course of the sluggish season is usually cheaper. And this yr, should you can wait a number of months, it is best to be capable of snag an excellent deal on hire—particularly in Seattle, the place development has all however stalled out.
Median hire within the metropolis inched up 1.1 % to $2,086 in July. Over the past 12 months, hire development—which was flat, growing simply 0.1 % over final yr—fell behind Washington’s state common (1.4 %). It additionally drifted beneath the expansion fee of the metro as a complete (1.7 %).
There are a handful of outliers on the Eastside the place hire development was extra regular this summer season and all year long. We compiled a listing of the place hire continues to be rising and the place it’s already taking a dip because the season for worth development involves an in depth.
Hire Dipping
Ordered by annual hire development.
3. Federal Method
House to Washington’s largest waterpark and a pool the place Olympians practice, Federal Method’s median hire was barely extra reasonably priced than final yr.
Median one-bedroom hire: $1,441
Median two-bedroom hire: $1,824
Month-over-month hire development: 0.2 %
Yr-over-year hire development: -0.8 %
2. Edmonds
Regardless that this scenic suburb posted modest hire development in the course of the summer season months, hire in Edmonds is cheaper this yr than final—a development that may doubtless proceed as demand for residences falls.
Median one-bedroom hire: $1,838
Median two-bedroom hire: $2,054
Month-over-month hire development: 1.1 %
Yr-over-year hire development: -0.9 %
1. Shoreline
After a summer season of meager hire development and with the colder, slower months coming into focus, Shoreline’s median hire isn’t prone to go up any time quickly.
Median one-bedroom hire: $1,679
Median two-bedroom hire: $2,101
Month-over-month hire development: 0.6 %
Yr-over-year hire development: -2.5 %
Hire Rising
3. Newcastle
Whereas development was flat for a lot of the metro this summer season, Newcastle bucked the development. This Eastside group is turning into a extra dear place to name dwelling, and the elevated rents are in all probability right here to remain.
Median one-bedroom hire: $2,246
Median two-bedroom hire: $2,397
Month-over-month hire development: 1.8 %
Yr-over-year hire development: 6.1 %
2. Redmond
After posting some critical beneficial properties during the last 12 months, rents on this ever-popular Eastside city are considerably costlier now than they had been final yr presently.
Median one-bedroom hire: $2,182
Median two-bedroom hire: $2,454
Month-over-month hire development: 0.9 %
Yr-over-year hire development: 6.5 %
1. Bellevue
With the busy season nearing its finish, hire development right here has began to sluggish. Even so, costs are blistering, and Bellevue continues to have a number of the most costly rents round.
Median one-bedroom hire: $2,219
Median two-bedroom hire: $2,574
Month-over-month hire development: -0.6 %
Yr-over-year hire development: 7.4 %
