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Seattle Rent Levels Off

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According to a recent Seattle Times article, Seattle rents are showing signs of leveling off. After steep rent increases post-recession, February 2018 marked the first time in years that annual rent prices have risen less than 1%. Based on the study of the real-estate data firm, CoreLogic, rents in February rose 0.4% from a year ago. Experts believe the slowdown is a result of the record number of new apartments flooding the market. CoreLogic studies also show that the number of available homes for rent in the region increased approximately 20% in the last year. As a result, property owners are having more and more difficulty filling rental properties.

Experts believe that the stagnation in rents may also impact the home buying market which has seen record lows in inventory. The region saw a spike in homes being converted to rentals in the aftermath of the recession. In response to the decline in the rental market and rising single family home prices, property owners may cash out and sell their houses to take advantage of the markets. It’s possible that if a fraction of property owners sell it could alleviate the supply shortage and add much-needed inventory to the housing market in Seattle.

See the full article here:

https://www.seattletimes.com/business/real-estate/relief-for-seattle-area-single-family-home-rents-and-a-glimmer-of-hope-for-buyers/