Seattle has long been known as an expensive city. With high rent prices, high costs of living and a competitive job market, it’s not the easiest city to make it in. That being said, after steadily declining rent, things are looking up for Seattle rent prices.
Zillow has released its end of year Rental Market Report, focusing in on December 2022. From November to December 2022, asking rents fell 0.3%, another big decline following the largest one-month drop in the seven-year history of the Zillow Observed Rent Index.
Despite December being a normally slow time for renting, rents have fallen an unprecedented amount. Due to higher costs of rent, living and generally high inflation, demand for housing has waned this year after booming in 2021.
The graph below shows the true roller coaster that Seattle rent prices have endured.
Zillow found that the steepest monthly decline in rent this December in Seattle was in Seattle with a -1.0% decrease. Rent is averaging $2,166 as of December. Our city was followed by Las Vegas (-0.9%), Dallas (-0.8%), San Jose (-0.8%) and Washington, D.C. (-0.8%).
With Dallas and D.C. joining the list, there’s evidence that rental market weakness is not solely confined to the West, rather, the nation is experiencing a slowdown as a whole.
Now, rent is still expensive even with prices dropping, so don’t expect to see any prices that are abnormally low, unless of course this trend continues.
Until then, good luck out there!