Seattle Rent Growth, Once The Fastest In The Nation, Drops
Seattle’s rent growth rate tumbled in 2018 after thousands of new units hit the market in 2017. In 2017, Seattle rent growth was ranked the highest in the country with a 5.2% year-over-year increase. In 2018, the price of rent has dropped by 0.9%. After being in the top 10 for rent growth in the previous three years, the city’s rent growth rating dropped to 22, according to ApartmentList.com.
Though rent growth has dropped, the city’s for-sale inventory is still tight and home prices remain the fastest-growing in the country.
Rent growth also slowed in Portland, Oregon, and Denver, both markets that also added new rental housing.
Nationally, rent growth has slowed from 3.6% in 2015 to 1.5% year over year in 2018.
ApartmentList.com is a platform that connects renters with apartment listings.