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Seattle rent prices down significantly compared to 2020

Real estate experts are already seeing rental rates tick back up and advise people to secure rentals sooner rather than later.

SEATTLE — Rents in Seattle are down significantly compared to one year ago, according to a survey by Apartment Guide. 

Rent is down 18.9% for the average one-bedroom apartment at $2,056 and 30.6% for the average two-bedroom apartment at $2,698.

Experts say this has everything to do with the pandemic.

According to the Washington Center for Real Estate Research at the University of Washington, Seattle was at peak market influx at the beginning of 2020. Then people started to work from home more and looked outside the city for more space.

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However, as life gets closer to normal, the market is reflecting that. 

"As people return back to the city, you're going to see those rental rates possibly go up," said James Young, the director of the center.

Young said as Seattle starts to open up, he is already seeing signs of people moving downtown and rents starting to increase. However, demand might be different. For example, a family that moved out of the city to get more room may now need to look for a small rental in the city when one of the household members must go back to the office.

Young says if you know you need to go back to the office in the coming months, secure your rental now to take advantage of the low rents.

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