Seattle Seeing Rents Decline in Neighborhoods Where New Units Are Coming Online

For the first time this decade, Seattle-area rents are dropping. The city saw a 2.9% decline in rents over the 4th quarter of 2017, with renters signing new leases in downtown neighborhoods saving an average of $100 per month. Year over year, rents in the Seattle area increased 4.5%, a significantly slowdown from the double-digit increases renters have been seeing for the last few years. Over the previous five years, rents in the Seattle region had increased 48%. The city has seen a large number of new units coming online, and vacancy rates have increased significantly in neighborhoods that have seen the most new construction. Read more.