Seattle’s Rental Market Scores 8th in the Nation

First thing’s first: how’s everybody doing after Snow Week? Did you cross country ski to PCC for supplies? No one spun their car down any hills, did they? Good.

Now we can move on to the important real estate news: the Seattle/Tacoma apartment market ranks 8th nationally for 2012, according to a new report by Marcus + Millichap.

The report, which was just covered in the Puget Sound Business Journal, is based on the area’s anticipated job growth for 2012. The Puget Sound ranked fifteenth last year, but job growth in the tech industry will propel us forward in 2012–the regional economy is expected to gain 34,000 jobs this year alone.

As a result of this job growth, 1900 rental units will be added to the market before 2012 is over. Vacancies are expected to drop about 4%, and rent will subsequently rise 4.2% or so, to an average of $1,057.

Curious who beat us to numbers 1-7? Check out Jeanne Lang Jones’ full article here. And hey, stay warm and dry while the snow melts!

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