Eastside Rents Declining, Redmond Saw One of Biggest Quarterly Drops

Signs of a flattening rental market are emerging, especially on the Eastside, with more apartments available and smaller rent increases, according to a report in The Seattle Times.

Redmond, Kirkland and East Bellevue saw the biggest quarterly drops in average rents — more than 3 percent — and the Bothell and Woodinville-Juanita areas experienced the steepest increases in vacancies, the report said.

And a big construction boom, especially in Redmond and around the area, could also keep rents lower. Cranes are now a common sight in downtown Redmond as construction continues on a handful of multi-story apartment and condo buildings that will collectively add more than 600 units to the city's central area.

Have you seen more vacancies where you rent? Is your rent staying the same, or declining? Tell us in comments.

For those buying and selling, first-time home buyers 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).

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.