Hot Seattle/Tacoma Rental Market Shows No Signs of Cooling
From the ‘We Knew It, But Needed Some Data’ desk, Seattle and Tacoma were among the top 50 rental markets in 2021 – and they show no sign of slowing down in 2022, according to RentCafe.com.
Nationally speaking, the Pacific Northwest fell in line with the trend of smaller metropolitan areas, like Eugene, OR, as targets for would-be rental tenants, highlighted in RentCafe’s Annual Year-End Report for 2021.
Tacoma (not including Tom Tuttle) saw a marked rise in popularity among renters, raking eighth in the nation for ‘most competitive’ rental market. Vacancies in Tacoma stayed on the market only 23 days, on average, before being leased.
Seattle’s market wasn’t quite as hot, coming at 32nd place on the national list, with an average vacancy rate at 32 days before occupancy.
Critical to rental markets, of course, is the would-be tenants who apply; meaning, their credit scores. RentCafe has this finding on that tip:
Meanwhile, the average credit score of rental applicants in the U.S. was 640 for the year, slightly up compared to 2020’s credit score of 638. In fact, more than 30% of renters in the nation’s top 50 hottest rental markets in our ranking had average credit scores significantly higher than the national average — which is indicative of renters’ financial strength this year.
Overall, the national average for vacant apartments was 28 days.