Pacific Northwest Rents growing fastest in Nation

Rents in Seattle ($2k) and Portland ($1,764) are fastest growing in nation

Oregon Live brings us a story about the extremely quick increase in rents in the larger Pacific Northwest cities, as well as some of the tactics cities are considering to address the problem.

Rents in Seattle ($2k) and Portland ($1,764) are fastest growing in nation
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Footprint Northwest LLC of Seattle bought a single-family home on Northwest Thurman Street and built a five-story tower of 250-square-foot micro-units. They rent for up to $950 a month. (Jeff Manning/The Oregonian/File photo)
Aimee Green | The Oregonian/OregonLive By Aimee Green | The Oregonian/OregonLive
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on July 24, 2016 at 9:52 AM, updated July 24, 2016 at 12:17 PM

A Seattle city councilmember has proposed severely curtailing the amount of cash new renters need to plunk down to move in, The Seattle Times reports.

The bold move is sure to hit on a hot-button issue for renters in the Emerald City – as well as up and down the West Coast, where rents have continued to rapidly climb in recent years.

Over the past year, Seattle, Portland and San Francisco have led the nation in greatest percentage growth. Seattle’s year-to-year rents increased 9.7 percent, which was four times the national rate. Portland ranked second at 9 percent and San Francisco at 7.4 percent, according to Denver was fourth at 5.9 percent.
— Aimee Green, Oregon Live