Seattle Townhome Rental Market Outlook for 2021

[Ryan M Swick]

Hi Seattle & PNW-based BP crew,

I'm looking for thoughts on your outlook for the Seattle townhome rental market this year, 2021. If you're a landlord of townhome units, what are you seeing currently in terms of demand, supply, and pricing?  What do you expect will happen going forward, esp with the vaccination drives underway and urban rental markets perhaps tightening a bit?

Thanks,

Ryan

[Michael Haas]

I don't personally own an units in Cap Hill but have heard rents are down - it definitely makes sense that dense areas like downtown, first hill, and cap hill will be slower given that so much of the draw of those neighborhoods are the bars, restaurants, and amenities that have been shuttered by COVID.

[Dave Skow]

depends on the  locations ....ballard / wallingford  N end -  demand is high 

w seattle - demand is down 

etc ..........

[Ryan M Swick]

Thanks, Dave, makes sense.  Thoughts on central Seattle, e.g., Cap Hill, CD, Madison Valley area?

[Dave Skow]

I think that  cap hill is above  average  pace  and  prob a bit softer  going south ..there are  many agents and  TH rental owners  that will be able to chime in with more detailed  replies than me:)

[Michael Haas]

I don't personally own an units in Cap Hill but have heard rents are down - it definitely makes sense that dense areas like downtown, first hill, and cap hill will be slower given that so much of the draw of those neighborhoods are the bars, restaurants, and amenities that have been shuttered by COVID.

[Adrian Chu]

Rents have gone down temporarily. The typical demographic for a townhome is 2 of 3 individuals sharing a house together.  There aren't as many of those groups nowadays.  But people will start moving back soon.

[Sherief Elbassuoni]

@Ryan M Swick, rents are down in these areas because renters now prefer the suburb more after being allowed to work from home.

We do not expect this will last forever. After Covid, the demand will go up again!