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Seattle Landlords Scrambling to Fill Growing Number of Empty Apartments
Seattle rents have shot up in recent years, but a recent trend shows that upward progress maybe slowing. A growing number of landlords have been offering incentives like free rent or parking to try to fill their units. In greater Seattle, the vacancy rate is up from previous years to 7.5 percent, signaling that supply in the area is catching up with demand from renters.
And incentives don't only include rent. "Others offered gift cards that went as high as $2,500. Some promised free Amazon Echos. There were memberships to outside gyms given away, and free Uber credits," Mike Rosenberg writes for The Seattle Times. As in other industries, landlords hope once tenants move in they will be unlikely to want to move after they've used up their incentives.
If renters wish to become house hunters, however, they will still have to contend with a very pricey real estate market, with rising prices for houses and condos.