Seattle and San Jose Rent Prices Increase

Caroline Latham of RealFacts.com has published her quarterly newsletter again and has more interesting stats for Seattle and San Jose.

“Quarterly rent increases sizzled at 3.1% in the Seattle and San Jose Metropolitan Statistical Areas (MSAs) according to second quarter survey results released on 15 July by Realfacts. These rates translate to monthly average rent increases of $31 and $47, pushing total rents to $1,035 and $1,569 respectively. If these quarterly rates continue, both MSAs will have annual rent growth of 12.4%. The MSAs also reported strong occupancy, with Seattle holding steady just above 95% and San Jose continuing to increase, up to 97.3% from 96.5% last quarter.”

Meanwhile Phoenix and Vegas growth slides:

“Previous annual rent growth leaders Phoenix, Las Vegas, and Riverside-San Bernardino continued to slide, reporting annual rent growth at 3.7%, 3.3% and 4.1% respectively. As these three slid two MSAs that had been losers for a long time look poised to join the over 5% club. If the quarterly gains recorded during the second quarter by Denver and Tulsa of 1.7% and 1.3% continue for a whole year they will post annual rent growth of 6.8% and 5.2% respectively.”

Also check out our average rent tool.