It is no secret that the rental market in general is booming right now, but in particular there are two price points that seem to be getting a lot of attention lately in the Downtown/Belltown/South Lake Union neighborhoods- 1 bedrooms between $1500 & $2000 and 2 bedrooms+ priced at $4500 per month and up.
After a month or two worth of inventory that has been just sitting with little to no interest, we are now seeing multiple offers/applications, new listings renting with one or two showings and a dramatic increase in prospective tenants utilizing our rental search services. Rental rates for one bedrooms are increasing anywhere from $150-$300 and the higher-end homes anywhere from $250 to $600 per month depending on the type of unit/view/square footage, etc.
Due to the shift in the market, a lot of tenants are choosing to extend their current leases which in turn makes the market tighter AND we have continued to see an increase in newly hired employees moving to the area. Fueling the fire, we are approaching the dead of summer (even though it doesn’t feel like it) and this time of year is typically the busiest of them all!