The Seattle Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
Active Listings – Our first data set is the month-over-month change in the total number of active rental listings advertised on the TurboTenant platform. Factors such as seasonality will impact this number, with the rental season peaking January through August. Due to the pandemic, eviction moratoriums, and stay-at-home orders, more month over month fluctuations were reported in nearly every market we analyze. Traditionally, this data point helps us gauge the rental supply in each market and provides a more in-depth seasonality analysis. Through the lens of 2020, inconsistencies in baselines were noted. As we compare 2021 to 2020, we will work to glean insights into if and when the rental market is beginning to normalize and mirror moving and inventory trends of years past.
Renter Leads – Our second data set is the month-over-month change in the total number of renter inquiries to a TurboTenant property listing. This data point is the demand side of our supply data point above.
Average Number of Renter Leads Per Property – Our third data point brings together the first two to give us a better understanding of the competitive landscape in each location. We compare the total number on a month-over-month basis.
Average Rent Price – Our fourth data point is the average rent price for a two-bedroom listing. Our analysis begins in January of 2020 and will continue throughout 2021. We want to understand how factors such as outmigration, changes in remote work and school, and eviction moratoriums impact rent prices in any given market.
Seattle Rental Market Trend Analysis
In the first quarter and a half of 2020, active listings were off to a slower start compared to other cities. June, August, and October all had great gains month-over-month, 42%, 46%, and 65%, respectively. November and December were down, which is seasonally on-trend. The first part of 2021 showed promise with a 100% gain in January. However, February took nearly a third of that gain reporting a 32% loss in listing growth. March and April started making up for this loss with a 17% and 7% gain but was followed by a 12% decrease in May.
Renter Leads and Average Leads Per Property
Demand on the renter side in Seattle was strong in the first quarter and a half of 2020 but started to wane in May going from 26 to 9; December saw an increase ending the year at 12 leads per property. In 2021, average renter leads have remained in single digits with May 2021 sitting at eight leads.
During all of 2020, average rents in Seattle were more volatile and outside of expected trends. The average rent amount for a two-bedroom listing in Seattle has fallen sharply in 2021, with January reporting an $800 decrease and April reporting a $300 increase year-over-year; May’s average rent remained consistent, but saw a $200 decrease year-over-year. June followed the volatile trends and dropped sharply by almost $800.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.