According to the Dupre+Scott Apartment Vacancy Report, Seattles apartment rates have jumped 12.2% the highest annual increase anywhere in central Puget Sound. The Eastside wasnt too far behind at a 10% annual increase.
Vacancy rates arent the lowest ever but are sitting at 3.8% for King County and are as low as 2.6% from the Ship Canal up to the county border- FYI 5% is considered a balanced market but anything above would be considered a Renters Market. (Click here to read more)
A lot of the condos and homes I leased last year are being rented this year for $75-$200 more per month. There are still some neighborhoods and property types that are not experiencing quite the increase but for the most part I think that the private rental market will follow the overall trend.
As we go into the slowest time of the year for real estate in general, I have a feeling that we might all be surprised at how sustainable the rental market will be- I leased 15 properties in September alone!