Seattle rents slowing down while condos begin to surge

Sep 28, 2018, 3:15 PM | Updated: 5:26 pm

The rise in rents is slowing, and at the same time Seattle can expect a surge in condos hitting the market.

RELATED: Sammamish ranks among best places to live in state, nation

KIRO 7 reports that rent is still going up in the Seattle area, however, at a slower pace — 4.3 percent at current levels, compared to 7.7 percent a year ago. This is according to a recent HotPads report that states the median rent for a two-bedroom apartment in Seattle is $2,225 (up 4.3 percent from last year). Median rent for a one-bedroom apartment is $1,760 (up 3.1 percent from last year).

Rents are still rising nationally, too, according to HotPads.

While rents may be leveling off, condos are playing a bigger role in the region’s housing mix. The Seattle Times reports that Seattle and Bellevue are experiencing a “condo comeback.” Only 2,000 condos came to Seattle over the past decade. But about 6,000 are expected to come online over the next few years in Seattle and Bellevue. The Times notes that more than two-dozen projects will add 5,000 units in Seattle alone.

The reason for the uptick in condos could be that developers have pivoted from initial plans to build apartments.

The difference, of course, is that people rent apartments and they buy condos. According to Zillow, the Seattle market is still considered “very hot.” The median home value in Seattle is $752,400. Though many condos go for much more than that, such as this Queen Anne condo built within a converted school gym. It’s listed for $2.8 million.

Zillow also says Seattle home values have risen 7.1 percent over the past year. The real estate website believes values will continue to go up by 6 percent over the coming year.


Local News

Mt. Rainier death...

Associated Press

Washington man climbing Mount Rainier dies near summit

A Washington state man who was trying to summit Mount Rainier this week collapsed and died near the top of the mountain.

2 days ago

biden crisis averted...

Zeke Miller and Chris Megerian

Biden celebrates a ‘crisis averted’ in Oval Office address on bipartisan debt ceiling deal

President Joe Biden celebrated a “crisis averted” in his first speech to the nation from the Oval Office Friday evening.

2 days ago

Ferry cancellations...

Micki Gamez

Ferry cancellations, delays causing frustration among island residents

Island resident Valerie McKnight says she's frustrated with the ferry system because of hefty delays and daily cancellations.

2 days ago

Montlake SR 520 closed...

Nate Connors

Montlake Boulevard SR 520 on-ramps, exits closed this weekend

SR 520 will not be accessible via Montlake Boulevard over the weekend, as both on and off-ramp access will be closed.

2 days ago

(Photo from KIRO 7)...

Deedee Sun, KIRO 7 News

Two Northshore elementary principals on leave after alleged cocaine use

High on cocaine with a loaded gun – that’s what Redmond police say they saw when they confronted a local elementary school principal at a QFC.

2 days ago

Nordstrom patagonia lawsuit...

Bill Kaczaraba

Patagonia accuses Nordstrom of selling fake merch, files lawsuit

Patagonia is accusing Nordstrom of selling fake merchandise and has filed a lawsuit against the Seattle-based department store chain.

2 days ago

Sponsored Articles

Men's Health Month...

Men’s Health Month: Why It’s Important to Speak About Your Health

June is Men’s Health Month, with the goal to raise awareness about men’s health and to encourage men to speak about their health.

Internet Washington...

Major Internet Upgrade and Expansion Planned This Year in Washington State

Comcast is investing $280 million this year to offer multi-gigabit Internet speeds to more than four million locations.

Compassion International...

Brock Huard and Friends Rally Around The Fight for First Campaign

Professional athletes are teaming up to prevent infant mortality and empower women at risk in communities facing severe poverty.

Emergency Preparedness...

Prepare for the next disaster at the Emergency Preparedness Conference

Being prepared before the next emergency arrives is key to preserving businesses and organizations of many kinds.

SHIBA volunteer...

Volunteer to help people understand their Medicare options!

If you’re retired or getting ready to retire and looking for new ways to stay active, becoming a SHIBA volunteer could be for you!

safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.

Seattle rents slowing down while condos begin to surge