Real Estate Rental in Seattle
Seattle is a big seaport situated in the northwest; it is actually the northernmost big city in US and it represents a trading gate with Asia. It is also one of the most crowded cities and the number one most car-congested city in the United States despite constant tries to change this aspect and offer a more planet-friendly solution. One of the main landmarks found here is the Space Needle and it is also the birthplace of Jimi Hendrix, the renowned guitarist and songwriter.
The real estate renting market in Seattle is looking very good if you have an apartment for rent. The vacancy rate has never been this low since 2007 and renting prices keep rising; the average rent has increased by 5% this year, from $1,015 to $1,045. Both these factors will maintain this root at least until this year is over and some experts believe that next year brings the same changes. The reason for this is simple, supply in Seattle isn’t that much, only a third of the number of new apartments which were offered in last year are offered today. Demand on the other hand is increasing due to a slight improvement on the economic level but also due to the fact that buying a new home is very difficult; citizens choose to rent an apartment and not face the risks involved in buying one in an unstable economy.
Landlords are taking advantage of the market and they increase prices and offer fewer incentives; the market has definitely changed from a tenant’s market which was for the last couple of years to a market where the landlords have the power.
Although there are hundreds of projects and developers are looking to close this gap between supply and demand, we don’t know yet how many projects will actually come to life. If supply will remain at such a low level as we saw it to be next year, we can expect prices only to rise in future years.
If you are looking to rent in Seattle, it would be a good idea to consider going to a real estate agency. Although you will have to pay some fees, they might help you find a good deal which will make it worth it. As far as location goes, Beacon Hill, Queen Anne and Madison Park have great condos for rent ranging from studios to luxury three room apartments.
