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Average rent in Seattle hits $1,629, Zillow reports
on August 22, 2012 @ 10:32 am (Updated: 7:56 am - 8/23/12 )
The average rent for a Seattle dwelling reached $1,629 in July, a 4.4 percent increase over the same month a year ago, according to the Zillow Rent Index.
Rents continued to rise nationally, up 5.4 percent year-over-year to $1,278. Rents have increased in 6 out of the past 12 months, with most metros (70 percent) experiencing rent increases from June to July.
Rents have experienced double-digit, annual increases in several large metro areas where home values continue to decline, including Chicago (12.6 percent), Providence, R.I. (12.1 percent) and Baltimore (11.9 percent).
The trend is likely due to both continued high foreclosure levels in these markets, which increases rental demand, as well as consumer reluctance to buy when home values continue to fall, according to Stan Humphries, Zillow economist.
Foreclosures continued to decline in July, with 5.7 out of every 10,000 homes in the country being foreclosed. That was down from 6.5 out of every 10,000 homes in June.
Tom Kelly has been a professional journalist for 36 years. He served The Seattle Times for 20 years, many as Real Estate Editor.
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