Seattle Area Rents Stagnate – but West Seattle Takes a Hit Due to Bridge Closure
While we have taken a look at how the coronavirus has affected the real estate sales, this time we want to take a look at how the rental market has been affected. Seattle Times has recently published an article in which it analyzes data supplied by RealPage.
According to the article and the data provided, the pandemic has caused the rents in Seattle to stagnate. However, the lease expensive apartments have seen a drop in the asking prices to the tune of about 0.8%. Overall the rents in the Seattle Bellevue Everett areas are the same as they were a year ago, averaging about $1,900/month. The coronavirus has had an effect on these areas, as the pre-pandemic rents were up 5% year-over-year.
Two of the areas that have seen the biggest declines are in West Seattle and near Boeing offices and factories – down 3.1% year over year after the company announced job cuts to the tune of almost 10,000 employees recently. West Seattle rental market got affected not by the pandemic, but by the bridge closure. The structure, which allowed 100,000 cars and around 25,000 transit riders to commute daily is not expected to reopen until 2022. As the bridge remains closed, the commute times have as much as quadrupled for West Seattle residents, making the area undesirable.
RealPage is a global provider of software and data in the rental market. In addition to analyzing data, RealPage provides owners and managers of many different types of rental properties with software solutions.Email