Rentals under $1,000 are vanishing in Washington state
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Washington state has less than half as many rental units under $1,000 as it did just over a decade ago — even after adjusting for inflation, Harvard researchers found.
Why it matters: The data shows how housing costs are squeezing renters not only in Seattle, but around the state.
By the numbers: In 2013, more than 346,000 units across Washington were priced between $600 and $999, per a report by Harvard's Joint Center for Housing Studies.
- By 2023, the state's number of units in that price range (adjusted for inflation) had fallen to about 141,000.
- Over the same period, the number of units priced over $2,000 quadrupled statewide.
Yes, but: A surge in high-end apartments can still benefit lower-income renters, the researchers noted.
- Nationwide, areas with lots of new construction over the past few years, particularly in the South and West, saw rent increases slow or outright decline.
- And when higher earners move up, older, cheaper units may become available.
State of play: A new Washington state law limits rent hikes on most tenants in older buildings to no more than 10% a year.
What we're watching: With less new construction happening lately, rent hikes could ramp up again, further straining budgets.