Report: Rental prices skyrocket in Seattle
Dec 26, 2012, 12:00 PM | Updated: Oct 10, 2024, 2:08 pm
The median monthly rent has increased to $1,439. (AP Photo/File)
(AP Photo/File)
If you pay monthly rent in Seattle, chances are it’s going up.
CNN Money reports Seattle is among 10 cities that have seen a significant spike in the cost rent. Year over year the increase reached 8.3 percent.
The median monthly rent increased to $1,439.
Microsoft and Amazon headquarters have helped the city’s economy stay strong, according to the report. Rents have surged as the supply of properties remains tight, with only a 2.4 percent vacancy rate.
Searching to buy in the Emerald City isn’t a perfect scenario either: Home prices in major cities, including Seattle, are getting higher.
Standard & Poor’s Case-Shiller index of 20 cities found home prices in 18 of 20 cities rose sharply in the twelve month period ending in October.
While you’re paying more for your new digs, it’s an indication that market is getting healthier.
The price of a home has gone up 5.7 percent this year.
