Report: Seattle rents rebound close to pre-pandemic prices; home inventory begins to increase

Written by MLHA Team

September 1, 2021

Apartment buildings in downtown Seattle by the waterfront.

A For rent sign

Sunset over Seattle’s downtown.

Rents in Seattle are climbing back to where they would be if the pandemic-related slowdown had never happened.

A new market report from Seattle-based Zillow found that typical rent in Seattle rose to $2,125 in July, marking a 6.2% increase year over year. The company estimated that typical rent would have been $2,194 if pre-pandemic trends had continued.

Rising rental prices are being felt across the country as the economy continues to slowly recover from the impacts of the pandemic. Nationwide, Zillow found that rents rose to $1,843 in July, up a total of 9.2% — or $156 — from the same time last year.

Despite the current increase in COVID-19 cases being experienced in Washington and nationwide, experts noted that the current increases are erasing any small affordability gains renters made amid the pandemic. During the height of the winter surge last year, rents in Seattle saw dramatic declines and dropped by 20% year over year, but began to stabilize earlier in the spring.

“With the economy continuing to reopen, employees receiving more long-term guidance on remote work, and as students find their way back to college campuses, the rental market is picking back up,” said Nicole Bachaud, Zillow economic data analyst, in a news release. “As high demand puts pressure on rents and incomes are unable to keep up, affordability will become more of a challenge in the coming months.”

Rents for single-family homes are at a 16-year high according to another study, with prices increasing by 7.7% in the Seattle area in June compared to the same time last year. The average renter living in a single-family home in the Seattle metro area now pays $2,833 per month.

But some experts are predicting that the housing market may begin to cool down heading into the fall months, providing some relief for those looking to buy a home. The Northwest Multiple Listing Service (NWMLS) found that competition for homes in Seattle eased slightly in July, with brokers adding more listings and less homes going under contract.

Zillow also found that home inventory in Seattle was up 4.6% in July from the previous month, but still down 6.7% compared to July 2020.

“All signs point to the likelihood that the housing market is beginning to ease off the gas pedal,” said Bachaud.

While inventory appears to be increasing slightly, home values are continuing to soar. The average home value for the Emerald City was priced at $670,473 last month according to Zillow, up 2.6% from June and a staggering 22.7% compared to the same time last year.

Another study estimated that prices would soar by 18% in Seattle over the next year driven by historically low inventory. And it’s not homes in the city that are seeing increases in prices: suburban counties along the Interstate 5 corridor have also seen sharp jumps in price.

“Prices in Lewis County are up 54.2% from the July 2019 level, Snohomish County is up 40.6%, and Island County is up 44.3%,” said James Young, director of the Washington Center for Real Estate Research at the University of Washington. “The search for value in the suburbs with sharp price increases suggest households are making their housing preferences known. They want to own rather than rent.”

Study: Seattle home prices expected to rise 18% over next year

This historic Seattle home has history and a secret passageway

$3M HGTV-featured floating home on Lake Union hits market

$8M Bellevue condo sale breaks all-time record

Get matched to the perfect agent

View newly listed homes in Seattle

How Is the Austin Real Estate Market?

How Is the Austin Real Estate Market?

Austin's housing and real estate sectors continue a boom that began during winter 2020 and has made for a red hot market, including a demand for housing that the city's supply of homes has since struggled to keep pace with.Read more

Some articles from around the MLHA Nation you might like...

0 Comments

Submit a Comment

Getting More Local

Setting Up Shop In Your Area Soon!

Coming Soon!

My Local Home Value

MARKETPLACE

Interactive and Intuitive Digital Magazine focused on the housing markets and home values of Your Area.

Sample is of 

My Seattle
Home Value
Marketplace

Coming Soon!

Vounce HOME VALUE

MARKETPLACE

Interactive and Intuitive Digital Magazine focused on the housing markets and home values of Your Area.

Sample is of 

My Seattle
Home Value
Marketplace

Coming Soon!

My Local Home Value

MARKETPLACE

Interactive and Intuitive Digital Magazine focused on the housing markets and home values of the area you live.

Sample is of

My Seattle
Home Value
Marketplace

Appraiser Interview Guide

We have a combined 70+ years of appraisal experience. It makes us happy to share this with you. Let's jump right in then!

1. The first thing is a lot like many things you might get ready to do is to get your ducks in a row, and have a game plan for setting up your appraisal. And of course  you can't know everything about everything so the right appraiser will provide those answers, and you will get the best results.

2. Have your property information readily available when talking with the appraiser...

Get the complete Appraiser Interview Guide delivered directly to your email box in a readable and downloadable format, there's no cost.

Locations By State

We have all Current Certified Residential and Licenced Appraisers in the country. You can simply get started anytime.
We have also setup in many cities and metro areas as well as a centalized base for many rural locations. We will setup more locations each week.

Washington  |  Oregon  |  California  |  Texas  |  New York  |  Illinois  |  Florida  |  Pennsylvania  |  Washington DC

Locations By State

We have all Current Certified Residential and Licenced Appraisers in the country. You can simply get started anytime.
We have also setup in many cities and metro areas as well as a centalized base for many rural locations. We will setup more locations each week.

Washington  |  Oregon  |  California  |  Texas  |  New York  |  Illinois  |  Florida  |  Pennsylvania  |  Washington DC

Home Office

Portland, OR

Phone

503 781-0448

Contact Us

Copyright ©2021 • My Local Home Appraiser

Copyright ©2021 • My Local Home Appraiser

Phone: (503) 349-3765  Home Office: Portland, OR  |  Email: contact@mylocalhomeappraiser.com

  Email: contact@mylocalhomeappraiser.com