Your rent is probably going to rise again in 2017. Naturally, depending on where you live will determine how far that rent increases. Our home states flagship city will be at the top of the list, rent in Seattle is rising at a higher rate than any other metro city in the country. This has put Seattle at the top of the list for rent increase and home price increase just this year alone! The trend from major metropolitan area’s leading the pack isn’t quite over but the focus has shifted to technology hubs. Nationally we are predicted to see rent increase at a rate of 1.7% for the year ending in August 2017.
While most of the major tech hub’s also are large metro areas, smaller cities like Portland, OR have climbed up the list. Taking one look at the top cities on our list, the west coast is dominating the board with Cincinnati being a geographic outlier.
Looking over stats at the Wall Street Journal shows that we have experienced around 20% increase in rent nationally over the past 5 years. The demand to live in high density urban areas is popular among millennials and a slightly older crowd alike. While rent price increase may slow down, we likely won’t see a stop to the trend as the supply of people and the desire to live in these areas will not slow down. Many city’s are beginning to witness a slow down in luxury apartments but with the sky scrapers on the way in Seattle’s Denny Triangle, we haven’t quite seen the light at the end of the tunnel in our local city just yet.
A few months ago we analyzed how much money you need to make to pay rent in Seattle. While you may be able to afford your current rent, will your income sustain the increase projected for 2017?