Seattle's famous (or rather, infamous) for its rent growth, but it turns out that among West Coast markets, its growth is only in the middle of the pack, even though it's a high-rent market.
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Colliers International research guru Dylan Simon (shown at the Google HQ in Kirkland) tells us Seattle rents will grow 7.2% in 2016, a healthy clip, but not as much as in other markets. Already pricey San Francisco will have a 10.5% increase, while Sacramento and Portland's rents will both be up 8.8%, according to Colliers projections. Among major West Coast markets, only LA will be comparable to Seattle in growth this year, up 7.1%.
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The biggest surprise comes from Portland, where demographic and employment tailwinds are keeping demand for rental apartments up, Dylan notes. When compared to other Millennial-attracting, job-centered hubs on the West Coast, Portland's actually much easier on the wallet. Portland apartments rent for $1,252 on average, while both San Francisco and northern neighbor Seattle have higher average rents—$2,810 and $1,555, respectively.
