Seattle Rents Down 10%

pawz · October 2020

https://www.seattlepi.com/realestate/slideshow/seattle-third-largest-drop-rent-prices-since-covid-210364.php

Study: Seattle saw third largest drop in rent prices since start of pandemic
by Becca Savransky, Seattle P-I
Oct. 6, 2020
Updated: Oct. 12, 2020 11:38 a.m.
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Seattle rent prices have been on the decline since the start of the pandemic in March.

According to a new report from ApartmentList, Seattle had the third largest drop in rent prices since the start of the pandemic among the 100 largest cities across the country. Of the cities analyzed, 41 of them saw decreases in rent prices since March.

According to the study, rent prices in Seattle were down 9.9% in September since March. Compared to the same time last year, rent prices in Seattle were down 8.8%. The median rent in the city was $1,555 for a one-bedroom apartment and $1,940 for a two-bedroom apartment, according to the report.

September marked the sixth straight month Seattle saw a drop in rent prices.

Many of the cities that saw the most significant declines in rent prices since the start of the pandemic were some of the most expensive cities for housing, including San Francisco and New York, which topped the list.

"While rent declines in most cities have been relatively modest, a handful of major cities are experiencing significant and rapid price reductions. San Francisco leads the pack with a decline of 17.8 percent since the start of the pandemic," the study said.

"Though it remains the most expensive market in the country, San Francisco renters may now be able to find better deals than at any time in recent memory."

Dropping rent prices could be due to a number of factors. People working from home, including those at tech companies, could be looking for a change in where they're living. Others who were laid off from their jobs could be unable to afford the high cost of living in certain cities anymore, the study said.

"These factors have led to a softening in demand that has caused some of the sharpest rent dips on record in these cities. And the downward trend in these markets has not yet slowed," the study said.

Keep reading to see the cities that saw the most significant decreases in rent prices since the start of the pandemic.

San Francisco had the largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 17.8% since March.

New York had the second largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 11.6% since March.

Seattle had the third largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 9.9% since March.

San Jose had the fourth largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 9.5% since March.

Boston had the fifth largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 8.9% since March.

Washington, D.C. had the sixth largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 8% since March.

Oakland had the seventh largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 7.9% since March.

Arlington had the eighth largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 7.2% since March.

Jersey City had the ninth largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 6.3% since March.

Fremont had the 10th largest rent decrease since the start of the pandemic, according to the study. Rents declined in the city 6.3% since March.