The current pandemic is having an impact on rent prices in major cities around the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of “QuickView” reports.
The subject of this week’s QuickView is a snapshot of average rent rents in Seattle, WA.
Based upon our analysis, the Seattle rental market is holding steady year over year.
Our standard City analysis uses a 6-month “LookBack” to establish an average baseline rent. The 6-month LookBack analyzes the rent data from the last 6-months, and for this analysis, the rent data included would be from April 26 – October 26.
The results from the 6-month LookBack analysis are presented in the table below:
|
City: Seattle (average rent) |
||||
|
6-month LookBack |
||||
|
Floorplan |
10/26/20 |
10/26/19 |
ch$ |
ch% |
|
$1,512 |
$1,514 |
-$2 |
-0.1% |
|
|
$1,800 |
$1,857 |
-$57 |
-3.1% |
|
|
$2,369 |
$2,323 |
$46 |
2.0% |
|
|
$2,691 |
$2,719 |
-$28 |
-1.0% |
|
As the table shows, the most significant drop has been in 1BR units at -3.1%; and, 2BR units have gone up by 2.0%. Overall, the Seattle market looks stable, especially when compared to other major cities.
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Seattle Studio Rents: October 2020
Seattle 1-Bedroom Rents: October 2020
Seattle 2-Bedroom Rents: October 2020
Seattle 3-Bedroom Rents: October 2020
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology. If you liked this article, subscribe to Rentometer’s email newsletter to stay up-to-date on the latest trends in rental housing.