#654 - Seattle Rent Prices Are Almost Back to Pre-Pandemic Levels

A NEW REPORT has confirmed the anecdotes: Seattle rent prices are almost as ridiculously high as they were before the pandemic.

The median monthly cost for a one-bedroom in July is $1,633, and a two-bedroom now fetches $2,037 citywide, according to Apartment List’s latest rent review. The site found that rents across Seattle have climbed to just 5 percent below their pre-pandemic levels, a trend that tracks with a national uptick but marks a significant departure from 2020′s price free fall.

After coronavirus arrived in earnest last year, Seattle experienced a 22 percent drop in rents, the second-steepest dive of any major American city. This relief wasn’t felt universally: A Zillow analysis found that more expensive zip codes saw faster declines than less expensive ones, and Redfin reported that many of the city’s residents remained rent-burdened.

Join your host Sean Reynolds, owner of Summit Properties NW, and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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