Seattle, Washington’s real estate market is expected to hit record highs as rents continue to climb.
The median house price in the region is expected at $1.6 million, up from $876,000 last year.
The average apartment rents for a one-bedroom in Seattle is $1,744 per month, according to a survey by brokerage broker RealtyComCom.
That’s up 10 percent from the $1 million average in January 2020.
Realty com also found that the median income for a Seattle resident is $56,724, a number that has risen nearly seven percent from a year ago.
The number of new jobs in Seattle last year was the highest in the country, at 8,078, up slightly from 7,073 in 2020.
Seattle is also a top market for millennials, which is a growing segment of the market.
Millennials made up 18 percent of Seattle’s workforce in 2020, up nearly six percentage points from a decade ago.
Realtor Seattle com president Andrew M. Schleiermacher said Seattle’s rental market is a key factor driving the recent surge in rents.
“The trend is very much there, it’s just that it’s happening very quickly,” Schleistner said.
“This is a big opportunity for the rental market, it just happens to be one of the hottest places in the nation.”
Renters have been coming to Seattle for decades.
According to Realtycom, Seattle was the second-most expensive place in the United States to rent a one or two bedroom apartment in 2020 at $8,039 per month.
But there’s also a strong supply of homes that are available for rent.
The city is also home to the largest concentration of high-rise apartment buildings in the US, with nearly 40,000 of them.
The Seattle area has a population of about 3.3 million people, and a population density of about 1,000 people per square mile.
The area is home to more than 2 million people.
Seattle was also the second most expensive place to rent an apartment in California in 2020 with a median price of $1-3 million.
But that is now falling, as rents in California and Seattle have both climbed in recent years.
“There’s been an influx of supply and demand in Seattle, and as rents have fallen, supply has gone up, too,” Schreiermachers said.
He added that the real estate industry has made good on the promise of the “buy now” campaign that helped spur the recent market boom.
“It’s not just about the people buying now, it has been a very strong seller campaign, so we’re seeing the demand building up, so the inventory is going up,” he said.
Renters are taking advantage of the city’s recent strong economy.
The region’s economy has been growing at an average of 4.7 percent a year over the past year, up to 2.5 percent from last year, according for the Seattle Metropolitan Area Economic Council.
The growth has been driven by the construction of new high-rises, and the growth in the number of jobs.
There are also new housing options for people looking for an apartment or condominium, such as apartments for rent, and condos.
According the Census Bureau, the median rent for a three-bedroom apartment in Seattle increased by about $1 per month in 2020 from $2,928 last year to $3.75 per month last month.