Single Family Home Rental Market
The first half of 2015 saw a significant reduction (26%) in rental inventory across the Puget Sound as reluctant landlords finally had the “Sellers’ Market” they’d anxiously been waiting for. Property Managers experienced the same super-heated conditions as the resale market, with skyrocketing rents driven by an influx of applicants competing for limited inventory. Long-term owners of investment homes are reaping the benefits, with double-digit rent percentage increases frequently occurring, specifically in West Seattle, SoDo, Beacon Hill, West Bellevue, Tacoma, and University Place.
Below are some interesting stats complements of Windermere Property Management / Lori Gill & Associates: