Real Estate
Report: 520 Tolls Taking Toll on Eastside Rent Market
Redmond, Kirkland and East Bellevue experienced a 3-percent quarterly decline in average rents, according to The Seattle Times.
An increase in apartment vacancies is slowing down rent increases around the Eastside, according to a report in The Seattle Times.
According to the Times report, Redmond, Kirkland and East Bellevue saw a drop of more than 3 percent in average rents during the last quarter of 2012.
A representative from research firm Apartment Insights Washington said the year-old tolls on the State Route 520 toll bridge also could be making an impact on rent, as people may have decided to live in places where crossing a bridge won't be necessary for work.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
Do you think this is true? Have you seen more vacancies where you rent? Tell us in comments section.
For those buying and selling, first-time home buyers and shrinking inventory are continuing to help fuel a rebound in Western Washington's housing market, according to a December report from the Northwest Multiple Listing Service (NWMLS).
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
NWMLS, which includes local real estate agents and brokers, said buyers made offers on 5,314 residences last month while 3,857 owners listed their homes for sale. This marks the fourth consecutive month that offers have outnumbered new listings.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.