The Seattle Rental Market Trends and Culture Shifts

If you’re in the rental market for a new Seattle home, you have probably already discovered that rental market prices are climbing—and quickly! Whatever neighborhood you’re looking at, prices are creeping steadily upward, and what with the new changes to minimum wage requirements, we are all bracing ourselves for another leap upward.

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Supply and Demand:

As of May, 2014, the average apartment rent within a 10 mile radius of Seattle, WA, is $1540. One bedrooms go for an average of $1381, and two bedrooms hover at an average of $1846 per month.

Normally, supply and demand is a huge factor in the fluctuation of apartment rent. Increased development of apartment complexes normally pushes down rent. In the case of Seattle, however, experts suggest that the inclusion of newer apartment buildings (and consequently more expensive units) have increased the average rent in Seattle to rates from $1,300 to $2,000 per month.

Here’s a quick glimpse of the average monthly rate per Seattle neighborhood:

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Finding Lower Rent:

Renters that are eager to penetrate the more expensive areas of Greater Seattle area, however, can find cheaper and more reasonable rates by looking to older buildings. The rental market rates in older buildings (1997 or earlier) rise at a slower rate than the average rent. The age of the building that you choose to rent in will have a dramatic influence on what your monthly rent will be.

The average monthly rent of older buildings is at a current rate of $1,100 per month, whereas rental market rates for newer buildings for the same square footage and basic amenities hovers at $1,700. In many cases, though, the older buildings will also have greater square footage than their newer competitors.

Not yet convinced you should find an older unit? It’s not just lower costs that are redirecting renters toward complexes with a little aged character and lower rent. Fashion is actually redirecting renters toward these environmentally friendly and culturally engaging older buildings.

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The Move Toward Old Urban:

Seattle has always been a city known for it’s hipsters, business exec’s, and incredibly creative population. A slow shift has occurring for the past several years. As the hipster movement took hold of the younger population, there came a greater emphasis on preserving the individuality of the older areas of the Seattle area. The trend gears us toward smaller apartment buildings in densely populated areas rich with cultural diversity, where public transportation is readily available and residents are able to walk to grocery stores, restaurants, and, naturally, their favorite coffee shop.

Whatever type of renter you may be, we are recommending to get a jumpstart on the summer moving season right away, before rent moves up any higher. To ensure that you don’t get robbed by sky-high prices, contact one our professional property managers. We have the inside scoop to all the best neighborhoods, most reasonable rent, and are that will meet your every hope and need.

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Contact our office today to find your new dream apartment—you need a home that suits you and allows you to live your life to it’s fullest potential.