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June 13, 2018

Apartment rents here have fallen

SEATTLE — The city's years-long run of steep rent hikes is apparently winding down.

Seattle was just 22nd on a new Apartment List ranking of year-over-year rent growth in the nation's 25 largest cities, ahead of Baltimore, Pittsburgh and Portland. In 2018, rents in Seattle actually fell 0.9 percent.

That's in contrast with 2017, when Seattle ranked first in rent growth after seeing a 5.2 percent year-over-year increase.

Seattle is following a national trend of slower rent growth, which is at least partly attributable to more housing supply, according to Apartment List.

The San Francisco-based listing service says Seattle has seen “a record number of new units hit the market over the past couple of years, and it seems that all this new supply has now put a halt to the city's rent growth.”

Replacing Seattle at the top of the rent-growth list is Tampa, Florida, which also topped the list in 2016. Second is Houston, which lost housing when Hurricane Harvey struck last August.