Seattle Rent Gains Strong, But Not Like Other West Coast Markets
Seattle's famous (or rather, infamous) for its rent growth, but it turns out that among West Coast markets, its growth is only in the middle of the pack, even though it's a high-rent market.
Colliers International research guru Dylan Simon (shown at the Google HQ in Kirkland) tells us Seattle rents will grow 7.2% in 2016, a healthy clip, but not as much as in other markets. Already pricey San Francisco will have a 10.5% increase, while Sacramento and Portland's rents will both be up 8.8%, according to Colliers projections. Among major West Coast markets, only LA will be comparable to Seattle in growth this year, up 7.1%.
The biggest surprise comes from Portland, where demographic and employment tailwinds are keeping demand for rental apartments up, Dylan notes. When compared to other Millennial-attracting, job-centered hubs on the West Coast, Portland's actually much easier on the wallet. Portland apartments rent for $1,252 on average, while both San Francisco and northern neighbor Seattle have higher average rents—$2,810 and $1,555, respectively.
