It is old news that Seattle rents are rising, but as developers scramble to get new units delivered to the market, condo owners are renting out their units with ease. I’ve been watching the market activity for rentals and as supply has shrunk, units are getting scooped up quickly. I’ve provided a list below of recent rentals that have leased in the last 2 weeks. The price per square foot really puts the rental market in perspective. For owners hoping to offset their mortgage, now may be the time to put your condo on the market. For investors, a purchase now could help secure a 4-6% return. When new construction projects are getting $2.50 to $3.00 per foot in rent, I’m not surprised, but when condo owners are getting the same as new developments it begs the question…. Are investors going to be getting back in the market? I think so.
Don’t forget about the big Amazon news. This project alone will make a huge impact on Seattle rents. In summary, if you are an owner (put your condo on the market), if your a prospective renter (secure something quickly) and if you are an investor, pull out your checkbook (it is time to buy).
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SEARCH DOWNTOWN SEATTLE CONDOS FOR RENT