Report shows Seattle-area has 5th biggest drop in rent prices since start of pandemic

Report shows Seattle-area has 5th biggest drop in rent prices since start of pandemic
(Kenny Pedersen/ KIRO 7)

A new report shows that rent prices in the Seattle, Tacoma and Bellevue areas have made the fifth-largest drop out of the 105 largest U.S. metro cities.

According to Construction Coverage, at a national level, prices have dropped since the start of the coronavirus pandemic.

In the Seattle metro area, rent prices dropped 2.9% between March and September.

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The metropolitan areas were ranked according to the largest percentage drop in rent prices between March and September.

“Explanations for the recent decline include the rise of remote work and the ability of more affluent renters to relocate,” the report said.

The report gave a summary of the data for the Seattle-Tacoma-Bellevue metro area:

• Percentage change in rent since March: -2.9%

• Median rent in September 2020: $1,961

• Median rent in March 2020: $2,019

• Median household income for renters: $62,421

• Employment in finance, information and technology: 19.1%

Here’s how the Seattle-metro area compares to the United States:

Percentage change in rent since March: -0.7%

• Median rent in September 2020: $1,756

• Median rent in March 2020: $1,769

• Median household income for renters: $42,479

• Employment in finance, information and technology: 14.0%

The other top cities in rent drops were San Jose-Sunnyvale-Santa Clara, California; Boston-Cambridge-Newton, Massachusetts; San Francisco-Oakland-Berkeley, California; and New York-Newark-Jersey City.

For more information on the report, click here.