The Seattle rental market remains strong and although rents have increased the demand for rentals is still on the rise. This is a big difference from just a few years back. From 2000 to 2005, rental inventories were really high, it was standard business practice for landlords to offer free rent, no deposits or even free trips to get renters to sign leases. This trend of increasing rents could slow down in the next 24 months as large numbers of Condo’s that are being built now come on the market and can’t be sold. Many of these as well as the conversions from apartments to Condo’s will come on the market as rentals.
I foresee that the market will become more competitive and that could be good news for renters. Just this month I noticed several advertisements for free rent and/or reduced deposits…..its been a long time since we’ve seen promotions like that. Even so, the market should still remain strong for rentals as the local economy, job market, and immigration to the area remain strong. The credit crunch also will make renting a good decision again for many individuals.
If your an investor, its a great time to buy up properties and rent them out. In my experience over the last 24 months the Lower Queen Anne, Queen Anne, and Belltown areas seem to have the most potential for bringing in high rents, although the competition for renters is on the rise in the Belltown area. In these high rent areas its still possible to find property that will cash flow.
According to the Seattle Office of Housing, rents have increased by 14% citywide in the last two years and they are expected to increase in 2008 as well.
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