Is your rent market rate?
Are your tenants waiting around on a month-to-month lease waiting to see if rental prices will drop? At this point, we wouldn’t bet on it. We’ve seen rental prices increase all year long.
Seattle had the most significant overall increases, but smaller cities like Lynnwood are not far behind in their rent jumps. Lynnwood’s average rent for a four-bedroom house or duplex jumped 21% from Q2 to Q3!!!
A few places recorded smaller or no rent increases. In Marysville, for example, the median and average rent for a four-bedroom home dropped 1% and 2%, respectively.
In other cities, it might be affordable to upgrade to more space. In Kent, the difference between the median rent for a three-bedroom and a four-bedroom home is only $200.