Are Seattle apartments out of reach? According to a recent release by the U.S. Department of Housing and Urban Development, yes they are. Just a year ago the average renter could manage to rent a 1 bedroom apartment in the Seattle-Bellevue area. This year the average renter can only afford a studio.
This decrease in affordability is caused by a decline in the job market paired with an increase in vacancy rates. According to the Seattle PI, renters are earning 5.1% less than they did last year and rental rates have risen 11.3%. Renting a 1 bedroom apartment while working a minimum wage job would require working 87 hours a week.
And it’s not expected to get better any time soon for renters. With demand for apartments outpacing supply for the next year at least, rates will continue to rise throughout the city.
For more information, read the Seattle PI article here.
- Renters finding landlords have upper hand in this market (reowablog.wordpress.com)
- Expect ‘new highs’ for Seattle apartment rents (bizjournals.com)