Due to the increase in the demand for Seattle condominiums, the rents there continue to increase year after year. The average rent for a studio apartment in Seattle in spring was around $861 per month, which is almost 11 percent higher than the previous year. Rents for a one bedroom Seattle condominium and two-bedroom apartments have increased to about 10 percent since last year.
Current costs are approximately $1,015 for one bedroom and $1,569 for two bedrooms. Seattle officials say that the increasing rental prices are due to a number of factors including a slowdown in apartment-to-condominium conversions. The slowdown has decreased the number of affordable homes, forcing more would-be buyers to continue renting. Keeping the market trend in mind, today’s buyers prefer to keep on renting rather than investing in property.
This doesn’t seem to be letting up anytime soon. Analysts predict a 17 percent increase in area rents from April 2008 to December 2010. Given the high cost of renting, many lower-income or single-person households have to look hard to find a comfortable Seattle condominium home at an affordable price. Even when they find one, they may have to compete against a number of other prospective renters to secure it, as there are many people itching to move into the apartment of their choice.