Rental vacancy rates have grown, particularly in areas where lots of new apartments are going namely, in and around downtown.
And the slowdown in the rental market follows seven years of rent hikes that totaled nearly 60 percent, among the biggest increases in the country.
Most of the freebies were in newer buildings that must fill up dozens or even hundreds of new apartments at the same time including some buildings that havent even opened yet but there were plenty of handouts at older buildings, as well.He and his girlfriend found a place in the Central District after only a few days.Impact on rents, this is all translating to somewhat better news for legitimate poetry contests 2017 tenants on the rents they pay.A year ago, 6 percent were empty.In Kent, one older building was offering a 1,000 gift card and a free months rent on a one-bedroom that was already renting for under 1,300 a month.He noticed this time that some of the newer buildings seemed to have a standing list of openings for months, which he could use as a fallback option if he couldnt get his desired place in an older complex.Landlords who are increasingly hard-pressed to fill their open apartments are offering deals like a free months rent, lucrative gift cards and even free electronics.Seattle was among the top six metro areas in the country for rent growth every year from 2015 to 2017, according to ApartmentList.There were memberships to outside gyms given away, and free Uber credits.Phil Patton giant 2 discounts said he had at least a couple of days to make a decision on any apartment he looked at during his recent search unlike a year ago, when he felt like he had to make the call on the spot during the showing.Wharfside Pointe, an older building on Queen Anne, offered to waive application fees, take 400 off the security deposit and knock 500 off the first months rent for new tenants.For many apartments, theyd have to fill out applications on the spot and cross their fingers.Go to the website of the new Derby South Lake Union building and youre hit with a pop-up offering One month free!At newly opened properties, 40 percent of all brand-new units across the region are sitting empty that works out to about 5,000 units that have never been lived in, according to Apartment Insights/RealData.The Raleigh Apartments in Burien offered a free months rent plus a Costco membership.Even in 2016, the Seattle area was already building the most new apartments per capita of any big metro area in the country, according to a study by ApartmentList and construction has only sped up since then.The number of single-family homes getting built across the metro area is up about 9 percent over the year prior, but is still well below the historical average (a national trend while condo construction here also remains weak).Even after taking things such as free rent and other offerings into account, often times its still not worth it, said Keith Porter-Davis, who went apartment hunting in the city recently but wasnt swayed by the freebies even one that offered a free months rent.A review of online apartment ads last week found 157 different apartment buildings in the city of Seattle offering significant deals for anyone willing to sign a long-term lease and that was just for public ads posted in one 24-hour span.All of these trends for renters the drop in competition, the extra time to decide on a place, the flatlining prices serve as a stark contrast to the for-sale market, where buyers are being forced to bid on homes faster than ever as home prices.To stand out, some even used a combination of various giveaways: Batik, a new development in Yesler Terrace, offered a 1,500 Amazon gift card plus a free deposit for new tenants in one-bedrooms, and a free first months rent and a 2,500 gift card.
What you need to know Of course, this doesnt mean Seattle is suddenly cheap the typical two-bedroom apartment is still above 2,000 a month.
About 9 percent are vacant in Queen Anne/Magnolia, First Hill and Fremont/Wallingford.
Its 22nd of out 25, and rents here have actually dropped slightly compared with the record highs reached last summer.