Seattle Rental Market Report

Dupre’ and Scott just released their 1-19 unit Rents & Vacancies report.  This report is always highly anticipated as Patty Dupre’ and Mike Scott do the best job analyzing and forecasting the rental market in Seattle and sub-markets.  They also publish a similar report for medium and large apartment communities.  This report focuses on single-family, multi-plex, and small apartment buildings.

Findings show rents are up between 4.3 – 6.9% over last year (versus apartment rents which rose 8.8%).  The vacancy rate across all unit types is a very low 2.6%.  75% of respondents to the survey reported they plan to raise rents over the course of the next year on average 3%.

Interestingly, less than 40% of renters in multi-plexes and 5-19 unit apartments pay for their own water & sewer.  The report goes on to break down vacancy rate, average rent, and number of units surveyed by each sub-market.  For example, the average rent for a 3-bedroom house in Renton among 174 units was $1,595.

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