Seattle apartment rents decline for first time in years

The decreasing rent prices is due to an increased supply of apartments.

Apartment rents fell almost $50 in King and Snohomish Counties over the fourth quarter in 2017, according to an Apartment Trends summary.

The summary asked landlords in metro Seattle who have more than 50 apartment units.

The average monthly gross apartment rent fell to $1,647. It's a 2.9 percent, or $49, drop in metro Seattle compared to the previous quarter. Rent had still increased $71 from one year ago.

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The summary said the largest decline happened in downtown Seattle, where the quarterly decline was $165.

Rent has increased 36 percent since March 2011, according to Zillow numbers.

The recent decrease is due to an increased supply. The vacancy rate increased to 5.37 percent, in part because there were 6,906 more units brought to market in the past year.