Rents are dropping across the Seattle area for the first time this decade — including rents in Mountlake Terrace. That’s according to a story from our online news partner The Seattle Times.
The average rent across King and Snohomish counties dipped 2.9 percent in December compared with the prior quarter, according to a new quarterly landlord survey by Apartment Insights/RealData.
Rents sometimes drop by a few bucks this time of year. But the latest quarterly drop is the biggest this decade by far, and amounted to a savings of about $50 a month for the average renter across the region, The Times said.
According to a data map posted by The Times, average monthly rent in Mountlake Terrace was $1,391 in 2017, up 3.6 percent from $1,343 in 2016. However, in fourth quarter 2017 the average rents dropped 1.6 percent.
Seattle remains among the most expensive places in the country to rent, The Times said, with the average rent across all unit types at $2,330 in downtown Seattle, $2,180 in West Bellevue, $2,120 in South Lake Union and $2,050 in Belltown, according to Apartment Insights/RealData. On the other end, rents remain below $1,300 in SeaTac, Des Moines and Tukwila, and below $1,500 in most of Snohomish County.
You can read more in The Times story here.