Seattle rents rebound close to pre-pandemic prices; home inventory begins to increase

[Yo_Mama_Been_Loggin]

Rents in Seattle are climbing back to where they would be if the pandemic-related slowdown had never happened.

A new market report from Seattle-based Zillow found that typical rent in Seattle rose to $2,125 in July, marking a 6.2% increase year over year. The company estimated that typical rent would have been $2,194 if pre-pandemic trends had continued.

Rising rental prices are being felt across the country as the economy continues to slowly recover from the impacts of the pandemic. Nationwide, Zillow found that rents rose to $1,843 in July, up a total of 9.2% — or $156 — from the same time last year.

Despite the current increase in COVID-19 cases being experienced in Washington and nationwide, experts noted that the current increases are erasing any small affordability gains renters made amid the pandemic. During the height of the winter surge last year, rents in Seattle saw dramatic declines and dropped by 20% year over year, but began to stabilize earlier in the spring.

https://www.msn.com/en-us/money/realestate/report-seattle-rents-rebound-close-to-pre-pandemic-prices-home-inventory-begins-to-increase/ar-AANOwHi

[LisaM]

1. UGH.

Rent control in Washington. Now.

And stop flooding the market with tens of thousands of overpaid tech company workers. They're forcing the rest of us out if town.