Rents are Rising

In Saturday's Seattle Times an article entitled "New survey finds apartment rents are rising sharply" caught my eye. The recently released Dupre+Scott Vacancy Report survey sites rising rents and low vacancy rates in Seattle and Snohomish County. With the vacancy rates at 3.8%, below the 5% rate that defines a balanced market, the landlords have the control. Factors that helped push Seattle in this direction are our strong economy, condo conversions taking rentals out of the market, and the current mortgage situation that is causing more renters to stay put.

For Real Estate Investors that are looking to purchase a condominium or home for use as a rental now is a great time. With mortgage interest rates low and rental rates high this is a great opportunity to invest.