According to an article in Puget Sound Business Journal, the average rent for a downtown Seattle apartment rose from $1253 in 2007 to $1,350 in the first quarter of 2008. The vacancy rate fell to 3.5 percent from 5.2 percent.
Apartment Real estate company Hendricks & Partners says, "Significant job growth and above-average home prices will ensure strong renter demand. The metro area's apartment vacancy rate will remain relatively low in 2008, only to increase slightly in 2009 as more apartment product comes online. Strong renter demand will likely put upward pressure on apartment rents, with rent growth hovering between 6 percent and 7 percent through 2009,"
Yep. Sounds about right. I just received a letter yesterday from our landlord letting us know it was time to raise the old rent.
