The return-to-work mandate for companies like Amazon and Google has brought more congestion back to Seattle’s downtown core. However, that isn’t the only spike we’re seeing. There’s also an overall rent increase, that may be pricing some folks out of the city.
Seattle’s median rent price increased for the first time in 17 months. Just as return-to-office mandates were recently implemented on January 1st, forcing an ultimatum for some employees.
“I’ve definitely seen more affordable options outside of the city,” says Christina, an Amazon employee in downtown Seattle.
According to a newly released Redfin report, the average rent for a downtown apartment in the Emerald City rose to $2,000 in December. That’s a 2.5% increase, year over year.
Experts say any time rent goes up, someone is being driven out of the market. But, Daryl Fairweather has some advice for anyone looking to relocate.
“If you have to leave the neighborhood that is most desirable to you, try to find some place that has public transit so you can easily commute back into the city without it being an extra added expense to have a car and pay for gas,” says the Redfin Senior Economist.
Meanwhile, the cost of living in both Queen Anne and South Lake Union dropped significantly, by nearly 14% in each neighborhood. The Central District and Westlake also had slight increases.orhood.
It’s still too early to tell if the new corporate mandates will affect rental demand. But $2,000 a month for rent is the new standard.
That’s still 36% lower that August of 2022, when median prices hit their all-time high, averaging out at more than $3,100 monthly. Still, Fairweather says it’s important to note the distinction when discussing the latest increase.
“I think the way to interpret this data more broadly is that for a long time, rents were falling. And, they are up slightly this year for the first time,” says the Senior Economist.
“But, still compared to how much they were dropping, they haven’t gotten back to where they were just a couple of years ago.”
It may not be welcome news for residents, but it’s an even tougher pill to swallow for some Seattle employees who’ve been forced back into the office by back-to-work mandates.
Outside of leaving the city altogether, it doesn’t offer many alternatives.
I asked one downtown employee if she was considering moving elsewhere, to which she replied, “No. Because I’m going back to the office five days a week. There’s no point to moving out of here.”
Christina, who lives in the downtown core and works at Amazon, shares a similar sentiment. She appreciates what the city has to offer, both personally and professionally.
“I do notice the price increase, but just kind of weighing the pros and cons of a shorter commute, being able to see my friends, being kind of the middle of it,” she admits.
Christina’s co-worker, Riley, says he’s currently looking for a place to rent downtown. He says pricing and accessibility isn’t an issue but does question rising costs in relation to other essentials (like groceries). He acknowledges, for anyone, that’s money that could be allocated elsewhere.
It seems like just about everything is increasing in price these days.
Sometimes it just comes down to where you live. Or, even more so, where you work.
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