Report: Wealthy out-of-town apartment seekers could add to Seattle housing crunch
Wealthy apartment hunters moving to Seattle could fuel competition in the city’s already cutthroat real estate market, according to a new study.
The study, authored by Apartment List, found that users are willing to spend an average of $1,335 per month for a new apartment, which is the highest they’ve ever been willing to spend.
“Wealthier renters are rearranging themselves across the country and putting additional pressure on already-competitive rental markets,” the study said. “The pandemic unlocked new geographic flexibility for workers at the highest end of the income distribution, thanks in large part to the widespread adoption of remote work.”
Researchers say it’s common to see ballooning budgets this time of year, but they’re reporting an unusually large increase in the amount users are willing to spend — up 6.5% from last quarter. Normally, researchers see increases of around 2% during this time.
https://www.msn.com/en-us/money/realestate/report-wealthy-out-of-town-apartment-seekers-could-add-to-seattle-housing-crunch/ar-AAMutFM
