What is the rental market like in Seattle?

Rents in the Seattle area are holding fairly steady right now. You won't see huge price drops, but there are more options available, and places are staying on the market longer. The median rent is going for $780,000. This is up slightly by 0.5% from last month, but down 2.4% from last year. There are 10,456 active listings, which is a significant 21% jump from last year. However, fewer new places are coming on the market, with new listings down 8.4% compared to last year. This means you have more options to choose from, even if fewer brand new listings are appearing. Homes are taking a bit longer to rent out, sitting on the market for a median of 36 days. This is 20% longer than last year, giving you more time to consider your options. About 19% of rentals have dropped their prices, which is up 2.7% from last year. This suggests that some landlords are adjusting their prices to attract tenants. As a renter, you have more choices and a bit more negotiating power. Take your time to find the right place, as rentals are staying on the market longer.