A little validation on the February Seattle Market Trends Post
BusinessWeek just came out this article about falling apartment rental rates and particularly poor performance amongst luxury units. My recent post on “February’s Rental Market Trends” didn’t address “apartment” units in terms of the large apartment communities we see in urban areas because my firm tends to manage SFHs, condos and buildings with 9 units or less. Safe to say that the condo rental market will follow along with the apartment market. But the BusinessWeek article does bolster what I’m seeing across the board in terms of luxury rentals. It also lists Seattle amongst the top 25 metro areas with the biggest rental rate drops… we’re number 5, to be exact.
I’m continuing to have daily meetings with SFH owners who feel like the price opinions I’m giving them are a little on the low side. I’m always willing to start a house on the high side, but if I’m hearing crickets or getting negative price feedback from potential tenants within 7-10 days, that’s a clear indication we’re too high. I still think the SFH rental market in Seattle has the potential to jump back up in the summer as it usually does… although in this market, predictions are dicey at best. We have to stay on top of this thing on a week-by-week basis.
What are you seeing???
Eleanor
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