Seattle Multi Family - 1/4th of all apartments are sitting empty

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Wow! So, multi-family is where it's at, eh?

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Seattle renters score big as landlords dangle freebies to fill empty apartments

Originally published June 25, 2018 at 6:00 am Updated June 25, 2018 at 9:48 am

https://www.seattletimes.com/business/real-estate/...

"As new apartments open across the city in record numbers, vacancy rates have grown, rents have stopped rising and landlords are offering an increasing number of freebies to get tenants in the door.

For years, the Seattle rental market was so heated that renters would constantly monitor online listings and quickly show up to available apartments with checkbooks and references in hand. For many apartments, they’d have to fill out applications on the spot and cross their fingers.

Those days are over. A glut of new apartments washing over the city has quickly turned the tables as vacancy rates hit their highest levels since the recession, led by downtown Seattle, where one-fourth of all apartments are now sitting empty.

Landlords who are increasingly hard-pressed to fill their open apartments are offering deals like a free month’s rent, lucrative gift cards and even free electronics."