I was indeed on the news last night…I missed it, but they have it posted on Komotv.com if you are curious!
Yes, rental prices have increased over the past year. Last year I rented a studio in Belltown for $975 and this year it rented for $1095- in just 4 days! I have noticed that those vacancies priced around the $1000-$1200 range have been renting the quickest, while one bedrooms in the $1600-$2000 stay on the market for just a bit longer. A year ago, higher-end 2 bedrooms in the $3000+ range were on the market for nearly two months, but this year I have experienced them going as quickly as 1 week and have rented unseen!
The average rental price increase in the downtown area has been affected by the new condominium projects- higher quality, higher rents. Most importantly, our typical renter is not so typical anymore. Over the past year, I have noticed that there are a lot more people selling their homes and moving downtown with the plans of renting for a couple years. Some have already purchased condominiums and are just waiting for their buildings to be completed. Not to mention that the local corporations have continued to hire new employees and relocate many of their executives to the area. The typical renters in the downtown area are more than willing to pay a bit extra for the location, building amenities and finish level.
As we get closer to summer, the market is expected to tighten up a bit, making it even harder to find that perfect place!