May 19th, 2011 by Pickett Street Properties Team
Two articles published this week indicate that after four years of a struggling real estate market, perhaps things are on the rebound in the Puget Sound.
An article entitled “Expect ‘new highs’ for Seattle apartment rents” published in the Puget Sound Business Journal on May 13th states that the generation of new jobs, slow new construction starts, and low vacancy rates could push rental rates up almost 4% this year.
This sentiment is echoed a similar article entitled “Renters finding landlords have upper hand in this market” published by The Seattle Times on the same day. The Times story is a little more allegorical, detailing the struggles of local residents as they adjust to a stronger rental market.
A strengthening rental market is a good indication of a coming housing recovery, as higher rents will prompt more buyers to look to the affordability of home ownership. The largest growing segment of our clientele are investors buying homes to either hold or rehab – yet another indicator that our market is on a path toward recovery.