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Seattle-area rents for single-family homes stop

By Patrick following x   2018 May 31, 9:43pm 451 views   1 comments   watch   sfw   quote     share    


And the shift has been sudden: Last year, rents rose about 4 percent. Just two years ago, rents were soaring as much as 9 percent annually.

“One, two, three years ago, we would literally have people move out and we’d be there to do a quick cleaning, and change the locks, and have someone literally move in a couple hours later. We didn’t lose a day of rent,” said Chris Benis, who rents out a dozen houses on the Eastside. Some tenants would even rent houses sight unseen.

But in the last couple months, two of his houses became vacant and drew just one tenant application each, and it took about a month to rent out each house. “We didn’t have people banging down the door to rent” them, Benis said.
1   HeadSet   ignore (1)   2018 Jun 1, 5:36am   ↑ like (3)   ↓ dislike (0)   quote   flag        

Experts have pinned the apartment-rent slowdown on the record number of new apartments flooding

There is your answer. Apartments are not SFHs, but cheaper apartments are an alternative that can put pricing pressure on rental houses.

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