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I just saw it!

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.