Rent prices for single-family homes in Seattle have increased 7.7% year over year

Rent prices for single-family homes in the Seattle metro area have increased 7.7% year over year, according to a new report.

The report, released Tuesday by CoreLogic, examined rent prices for single-family homes in June of this year and compared them to rent prices for those homes in June of last year. Across the nation, year-over-year growth in rent prices for those homes was up 7.5%. In June of last year, the year-over-year growth was 1.4%.

In a news release, the company said June’s average rent prices for single-family homes marked a 16-year high.

The average renter living in a single-family home in the Seattle metro area now pays $2,833 per month, the report said. Housing experts say such high rent prices often eat into the savings of prospective homebuyers and could prevent more people from purchasing as rent prices continue to increase.

Join your host Sean Reynolds, owner of Summit Properties NW, and Reynolds & Kline Appraisal as he takes a look at this developing topic.

https://www.seattlepi.com/local/seattlenews/article/rent-prices-up-year-over-year-in-june-in-seattle-16391154.php

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