Rent forecast: Seattle will see big increase over the next year
Oct 7, 2016, 2:51 PM | Updated: 3:22 pm
Could Seattle benefit from "mobility slides?" (KIRO 7)
(KIRO 7)
Seattle could see the biggest rent increases over the next year compared to the rest of the nation, according to a Zillow analysis.
Related: Do you know how to renegotiate your rent in Seattle?
The real estate company released information on Friday revealing that rents across the nation are expected to maintain a 1.7 percent growth rate, but rents in Seattle and Portland are forecasted to appreciate by more than 6 percent.
Fast-rising rents in the West continue a trend that’s been happening over the past several years. Seattle, Portland and Sacramento reported the fastest rent appreciation over the past 12 months.
Related: Simple circumstances affect rent rates, knowing them helps save
Zillow reports that as job opportunities and high salaries draw millennials to tech centers such as Seattle, the demand for a limited number of rental units drives up costs.
“High rent growth in these markets is being driven by high demand and low supply,” said Zillow chief economist Dr.
Svenja Gudell. “We have more renters today than in the past and most newly formed households are renter households. This taken together with a lack of new rental construction at less expensive price points has been a recipe for rising rents.”
If this analysis has you considering renegotiating your rent before the year ends, here are some strategies:
- Offer to sign a two- or three-year lease. It saves the landlord the headache of sprucing up the place every year and finding a new tenant.
- Offer to do minor chores or make improvements.
- Find rentals with comparable rates, and ask your landlord to match them.
- Sell yourself as a great tenant.
- If 10 other people want that same place, you will have a better shot if you think about it as you would a job interview: Wear your best outfit.
KIRO 7 News reported last year that Seattle-area tenants spend an unprecedented percentage of monthly income on rent.
Renters in King, Snohomish and Pierce counties were spending 31.6 percent of monthly gross income on rent,
which is the highest the percentage has ever been, according to Zillow.com estimates.
