Seattle rents rise significantly in Q2

Seattle rents rose during the second quarter.

The rental situation in Seattle improved for property management companies as vacancy continued to decline, while rental prices improved markedly in the downtown area, according to a report from Hendricks & Partners.

The average rental price for a property in the downtown Seattle area rose to $1,445 per month. This area experienced a vacancy rate of 4.1 percent during the second quarter, MultiHousingNews explained, citing the report. Additionally, the vacancy rate for the metropolitan statistical area declined to 3.9 percent.

Inventory for the Seattle area could improve in the coming years, the report said. Overall commercial property permit requests jumped significantly during the first six months of the year. For multifamily properties, the permit total surpassed 4,000 units during that period, which brings it close to the total during the entire 2011 year.

The report added that much of the improvements in the area were the continued job growth since the midpoint of 2011. More than 43,000 new jobs were added during that time period, which helped the city's employment rate rise by close to 3 percent.

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