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Puget Sound Apartment Market Tight

SEATTLE, WA-According to the latest report from Texas-based M/PF Research, rents in the greater Seattle market increased by an average of 6% since fourth quarter 1999, exceeding the region's general consumer price inflation rate of 4.1%.

By Janet Parker | Updated on March 28, 2001

SEATTLE, WA-Facing median housing prices well over $200,000 and a sputtering local economy, more residents are opting to rent, according to the latest apartment market report from Texas-based M/PF Research. The increased demand is lowering vacancy rates and increasing rents, according to the report.

By M/PF’s calculations, rents in the greater Seattle market increased by an average of 6% since fourth quarter 1999, exceeding the region’s general consumer price inflation rate of 4.1%. Renters here were paying a monthly average of $850 per unit as of the end of the year, with high-end apartments averaging $1,200 a month and low-end apartments averaging $743.

The rates are rising because average occupancy hit 96.6% by the end of last year. Up 3.1% from the end of 1999, it is the first time the market’s performance has exceeded the US norm since mid-1998. In the submarkets of Ballard, North Seattle, South Seattle and Kirkland, rates in excess of 98% were reported.

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