Growth & Change in Urban Seattle & Apartment Opportunities
Living in the vibrant and busy urban center of Seattle is a goal for many residents of the region, but housing prices in Seattle have been on a rather steep upward trend in the past few years. Educating yourself about the costs associated with living in Seattle, as well as the direction of the real estate market, may help you make the best choice possible when it comes to renting an apartment in downtown Seattle or choosing a place to live that’s outside the city center.
Rental Prices in Seattle on an Upward Trend
As is the case in much of the United States, rental prices for single-family homes and apartments in Seattle have been rising steadily for some time. According to statistics published by The Seattle Times, the price of an apartment in 1997 was around $650. By the start of the “Great Recession,” rents had climbed to $1,066. Although housing prices dipped briefly in 2010, they would continue again on their meteoric rise to their current level of $1,617.
“Rents in Seattle have now climbed 57 percent in the last six years, costing the average renter an extra $635 a month.”
Despite the expectation that rental prices will continue on an upward trend, the good news is that a variety of new apartment communities are currently under construction. When complete, these new units will reduce the deficit of available housing units versus the number of people who wish to live in the region.
A Short History of Housing Prices in Seattle
Seattle is a fascinating example of post-recession housing prices in the United States. While some major metropolitan areas have taken a long time to recover, Seattle has seen a dramatic rise in home values over the course of the past few years. In 2012, when prices were at their lowest, the average home value in the region was just $352,000, according to statistics gathered by Zillow.
However, that price wouldn’t remain low for long as the technology-heavy employers of the Seattle region would influence tremendous increases in home values over the next several years. Recent data puts the average home value in the Seattle area at $690,000 and the forecast for values in 2018 look to reach $730,000. These prices have meant finding an affordable home to buy in Seattle has taken an extraordinary amount of luck and determination.
Finding the Right Apartment in a Hot Market
Although the Seattle real estate market has become incredibly active in the past few years, smart searching can still help you find an affordable apartment with the amenities you desire. Although searching for the best price on an apartment is one parameter to consider, it’s also important to look at the other factors that may influence your cost of living.
For example, you may want to add the commute time into your calculations if your choices are between an urban apartment like Muriel’s Landing and a suburban apartment outside of the city. Your time spent commuting into the city for work could eclipse the savings you might otherwise enjoy with lower rent outside Seattle.
Enjoy a Modern & Contemporary Lifestyle at Muriel’s Landing
Would you like to live in an apartment community that balances the joy of the natural world and a modern and urban lifestyle? Muriel’s Landing offers that ideal balance, and we have many floor plans from which to choose. We think you’ll find the perfect place to live with us. Get in touch today, and we’ll arrange a personalized tour of our luxury Seattle apartments.