The rental market in Seattle is gearing up for a busy spring. The median monthly rent for Seattle one-bedroom apartments rose three percent month-over-month in February to $1,700, while two-bedrooms increased 1.3 percent to $2,360, according to Zumper’s National Rent Report. Seattle is still the 10th most expensive metro area for renters in the US.
More people are choosing to rent instead of buy as record low single-family housing inventory drives up prices to unaffordable levels. Homes sold in King County hit a new all-time high last month — $514,975, up 20 percent from last year, reports The Seattle Times.
San Francisco, New York, Boston and Oakland hold steady as the fab four rental markets in the country. New York one-bedroom units increased 1.9 percent reaching median asking rents of $3,280. One bedrooms in New York have increased a significant 9.3 percent in the past year alone.
As Harvard University’s Joint Center for Housing Studies reported in December, 37 percent of all households nationwide now rent, the highest level since the mid-1960s. Will this rental market trend continue? Wait and see what Seattle’s spring has in store