Yesterday driving Capitol Hill I saw a rent concession sign on a new building saying one month free. I have only seen one such sign so far so it certainly does not mean the end is near but it was notable enough since I haven’t seen such a sign or offer in the urban Seattle market for several years. I don’t know the backstory on this one but usually this means…
Regardless, almost every building owner who has owned for over 5 years is behind the market on their rents. Even if the rental market is softer today than three months ago it is still far ahead of last year.