Rob Smith from The Puget Sound Business Journal reports that "the apartment vacancy rate in King and Snohomish counties has dropped to 4.05 percent, the lowest since the Seattle company Apartment Insights Washington began tracking the market 10 years ago. Rents, however, are surging. Average rent rose more than 6 percent to $1,408 per unit when compared to the previous quarter, and "rents have increased 10.4 percent the past year."
Smith's article covers a few highlights from the market analysis:
- The average rent in Bellevue is now slightly more than $2,000 per month.
- At an average of $2,226 per unit, rents in Seattle remain the highest in the region.
- Average rents in Des Moines and Edmonds cracked $1,000 per month for the first time.
- The Ballard neighborhood has the highest vacancy rate, 17.3 percent.
Rising rents vs. low interest loan options mean that buying now could not only help you build your own equity and financial portfolio, but could actually save you money.