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January 7, 2016

Seattle 3rd highest city for rent growth

By JOURNAL STAFF

SANTA BARBARA, Calif. — Seattle ranked third on a list of metro areas with the largest rent gains in 2015, according to a December report by Yardi Matrix.

Seattle showed multifamily rent gains of 10.5 percent, behind Portland (14.8 percent) and Sacramento, California (10.7 percent). The Matrix survey covers 111 markets.

Rents averaged $1,165 nationwide in December, $1 less than the all-time peak reached in September and October, which is consistent with normal seasonal patterns.

The report said multifamily property owners saw rents increase 6.4 percent nationally. The real estate research firm predicts rent growth will cool off in 2016 but remain above the eight-year average of 2.8 percent.

Read the full report at http://bit.ly/1PL65tn.




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