Rent Prices in Seattle Falling??

Question

With all the building in Seattle I was wondering if rental prices are coming down. I rent short term (3 month min) furnished places within walking distance to downtown and for the first time in 2 years I am having trouble renting a place.

This is a very nice place in a great part of town available Jan 1 which is not a bad time of year as many move to Seattle to begin the New Year. I figure it's just about price so I have been dropping it.

Have others been seeing the same? I post on craigslist and Zillow which have been very good for me in Seattle. Any other places to post for furnished apartments that you know about?

Graydon Manning · Answer

Allen,

We manage four multifamily assets in Seattle- three within .75 miles of downtown, one in core W Seattle- and continue to have little velocity issues and low vacancy. An asset of ours in Renton is experiencing some softening in rents, especially studios. That said, they're not short-term or furnished. I rent an Airbnb a couple blocks from light rail in the SE, and velocity has been minimal since Thanksgiving. I suspect our problem is asset type and time of year.

Jacqueline Cliff · Answer

Hello Allen,

I have actually been working with some rental clients and I would say yes, things seem to be a bit more competitive in the rental market as of late.  I am seeing houses for rent being on the market longer and sometimes dropping about 5-10% to get a butt in the seat.  Obviously your location is ideal, but you may want to allow for a month to month term to keep things flowing.

Best of Luck,

Jacqueline