The census shows the number of vacant units dropped significantly in Seattle from about 25,000 in 2010 to less than 23,000 in 2020.
How many apartments are empty in Seattle?
In 2020 there were about 22,600 vacant units in the city, a drop from about 25,000 ten years earlier. Vacant units are slightly more evenly spread around the city than total housing units, though 46% of them are still within the combination of Districts 3 and 7.
What is the rental vacancy rate in Seattle?
The rental vacancy rate is the fraction of homes for rent that are not occupied. In 2019 the rental vacancy rate for Seattle Washington was 4.42% according to Census ACS data.
How many rental units are in Seattle?
At the end of 2020, a total of 28,833 properties representing 156,172 rental units were registered with the city.
How many apartment units are in Seattle?
Total housing units: 308,516. Occupied housing units: 283,510. Owner-occupied housing units: 136,362 (48.1 percent) Renter-occupied housing units: 147,148 (51.9 percent)
Are rents going down in Seattle?
Apartment List just released its national rent report, and its findings provide an image of an increasingly costly Seattle for renters. The report finds that rent in Seattle increased by 18.9% over the past year, considerably higher than the national average increase of 17.1% during that same time.
What is a normal vacancy rate?
Regional & State Vacancy
| State | Vacancy Rate 2022Q1 | Change from 2021Q4 |
|---|---|---|
| California | 3.8% | 8.6% |
| Colorado | 3.4% | -34.6% |
| Connecticut | 4.7% | 0.0% |
| Delaware | 3.3% | -40.0% |
Is Seattle expensive to rent?
Living in Seattle is relatively expensive. In Seattle, rent averages $2,325 for a 1 bedroom apartment. Transportation costs in Seattle amount to $4,900 a year. Food costs $3,792 a year on average for a single resident of Seattle.
How many vacant apartments are there in the US?
3 million rental
U.S. housing stock: vacant rental units 2012-2020
In the United States, approximately 3 million rental housing units were vacant in 2020.
Are rents rising in Seattle?
Average rent in Seattle has increased by 18.9% compared to the same time last year, according to a report from Apartment List. For April 2022, the average rent in Seattle for a one-bedroom apartment is $1,681 and $2,097 for a two-bedroom.
Why is rent in Seattle so expensive?
Another reason housing prices are high is the small amount of land. Since Seattle is on an isthmus, there’s only so far that it can expand. There’s only so much land. A lot of that land is also protected from urban and residential development.
Who can afford to live in Seattle?
Per the National Low Income Housing Coalition (NLIHC), at minimum wage—currently a sliding scale from $11.50 to 15.45, based on size of employer and benefits—you’d have to earn $61,160 (or work over 102 hours a week) in order to afford what it described as a modest one-bedroom at Fair Market Rent in Seattle.
What percent of Seattle is Indian?
Table
| Population | |
|---|---|
| American Indian and Alaska Native alone, percent(a) | 0.5% |
| Asian alone, percent(a) | 16.3% |
| Native Hawaiian and Other Pacific Islander alone, percent(a) | 0.3% |
| Two or More Races, percent | 7.6% |
Will Seattle house prices drop?
The Seattle-area housing market is offering homebuyers new leverage and, in some cases, cheaper prices. More houses are sitting on the market, fewer people are buying homes and home prices in some areas are dropping, according to new data released Wednesday by the Northwest Multiple Listing Service.
Is Seattle still growing?
Seattle, the fastest-growing big U.S. city of the 2010s, isn’t growing so fast anymore. Newly revised population data from the Washington Office of Financial Management shows the state’s largest city only grew by 0.7% from April 1, 2020 to April 1, 2021 — that’s a net gain of about 5,400 people.
What is a good salary in Seattle?
The average salary in Seattle is $75,725. A good hourly wage in Seattle is $31.25 per hour. That works out to a good weekly wage of $1,250 per week and a good monthly wage of $5,416 per month. However, using the median income is only one way to calculate a good salary in Seattle.
What salary do you need to live in Seattle?
Income needed: $72,092. 50 percent for necessities: $36,046. 30 percent for discretionary spending: $21,628.
Is Seattle a depressing place to live?
Even in normal times, some people who live in Seattle start to feel down around this time of the year. The gray and drizzle has set in, and we can look forward to six more months of it. But 2020 is anything but normal.
What is the vacancy rate in NYC?
4.54 percent
The survey, released this week, revealed a vacancy rate of 4.54 percent in 2021, above the 3.63 percent in 2017, and just below the 5 percent mark that constitutes a housing emergency and justifies rent stabilization.
What is the vacancy rate in Los Angeles?
Overall, the Los Angeles County vacancy rate was 3.5% in the first quarter of this year, the lowest since 2001 and down from 6% during late 2020, according to CoStar.
What is a good cap rate for rental property?
8% to 12%
In general, a property with an 8% to 12% cap rate is considered a good cap rate. Like other rental property ROI calculations including cash flow and cash on cash return, what’s considered “good” depends on a variety of factors.