It hasn’t yet been a week since the Alaskan Way Viaduct was closed and we are already seeing the effects on the Seattle rental market. West Seattle is seeing the most impact on rental prices.
Komo News is reporting that “Rental marketplace website HotPads reports that rent increases in West Seattle have dropped from an average of 10.2 percent in September 2017 to 1.7 percent today”. Many have decided to move from West Seattle when their leases end to avoid the Seattle Squeeze. Traffic on the West Seattle Bridge was tight prior to the Viaduct closure.
Q13 is reporting that West Seattle is seeing a dip in rental prices, but that it’s not expected to be a trend. This is most likely a short term issue for West Seattle rental property owners. In February, the new tunnel will open and there will again be traffic on 99. The West Seattle Water Taxi has also increased its trips to and from the Seattle waterfront.
If you own a property in West Seattle and would like to be free from the daily worries of managing your rental investment, just reach out to Sound Point Property Management. We’d be happy to help you weather the ups and downs of the Seattle rental market.