What’s going on with the Seattle rental market right now, in September 2024? Join Aaron and Diane for a quick look at some key numbers in your Seattle Rental Market Update! Watch the video below, or scroll down a bit farther to read a transcript of the video.
Seattle Rents 31% Higher Than The National Average
This graphic shows us information about the rental market in King County, Washington in September 2024. Specifically, this image displays the average Seattle rent for all rental units – $2,025 per month. The graphic also notes that this rate is 31% higher than the national average.
Video Transcript – September 2024 Seattle Rental Market Update:
Aaron Janus: Let’s take a look at the Seattle area rental market, shall we?
While we are coming into a seasonal slowdown in the rental market, things are still moving relatively quickly, particularly in our single family portfolio. Here are some interesting facts to consider: Average rent in Seattle is $2,025 per month, which is 31% higher than the national average. And, if you’re currently renting, you are likely already aware that Seattle is one of the most expensive, ranking number 16 of the largest 100 cities. And, according to a Seattle Times article, most renters in our area reported rent increases in the past year, while only 31% had no increase.
Vacancy rates across the board including all rentals is down year-over-year to 5.9%. And, it’s far less in areas of higher demand, and across single family homes, of which there are far fewer than there are apartments.
If you are curious about the rental market, or know of anyone interested in exploring real estate, and the amazing investment opportunity that it is, please have them reach out to our PM team at RE/MAX Integrity Property Management.
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