Seattle rents declined for months amid the coronavirus pandemic. Now, they're starting to stabilize
Seattle rents have declined for months since the start of the pandemic, dropping by 20% year over year.
But now, it appears rents in the region may be starting to stabilize, according to the latest report from ApartmentList. In January, rents in Seattle went down by about 0.8%. The median rent for a one-bedroom apartment in January was $1,366. For a two-bedroom apartment in Seattle, the median rent price stood at $1,666.
Overall, Seattle ranked third for having the largest year over year rent decline. Only San Francisco and New York -- often ranked as cities with some of the most expensive rent prices in the country -- saw rents drop by a greater percentage. But those cities, too, are starting to see some stabilization.
"Although the data continue to show significant regional variation, the markets that have been most heavily impacted by the pandemic are beginning to enter calmer waters," the report said. "In the pricey coastal metros where rents have been plummeting, this month’s data implies that we may have reached the bottom."
https://www.msn.com/en-us/money/realestate/seattle-rents-declined-for-months-amid-the-coronavirus-pandemic-now-they-re-starting-to-stabilize/ar-BB1diiRD?ocid=hplocalnews
