While Seattle housing stays flat, median rent continues to rise

[Yo_Mama_Been_Loggin]

Seattle homebuyers may be seeing "some relief" this summer, but Seattle renters aren't going to beat the heat.

According to a new report from Zillow, in June median rents in Seattle rose to $2,259, up 3.8% from the same time a year prior.

That's not that far off from the rise of the U.S. median rent, 3%, in June. But it does dwarf the home value growth: according to Zillow's analysis, Seattle home prices have jumped just 0.4% from June 2018. The median home price in the Seattle metro area is $489,400.

Seattle joined the notable West Coast cities that saw a flatlined last month, along with Los Angeles (up just 0.9%), and San Francisco (holding at 0% growth).

Meanwhile, rents are up year-over-year in 49 of the top 50 metros (with Milwaukee as the only exception). By Zillow's standards, rent growth hasn't been this strong since 2016 when pressure in the rental market spurred record numbers of multi-family permits.

"As much as record numbers of new apartments led many to believe that rental markets might have become over saturated with new supply, the reality is that demographics and general economic health continue to keep the pressure on," said Skylar Olsen, Zillow director of economic research.

https://www.msn.com/en-us/money/realestate/while-seattle-housing-stays-flat-median-rent-continues-to-rise/ar-AAEQR3I#image=AAEQR3B|1

[at140]

1. Seattle area housing has ALREADY gone sky high..

it just can't go much higher anytime soon, few can afford higher prices.
My condo bought for $159k sold for $260k just 5 years later (37 miles north of city center).