Rental Home Prices Skyrocket in Bellevue, While Seattle Market Levels

Posted on July 10, 2018

Written By: Gabriel Rubinov

For many years now, the City of Seattle has been known to be a desirable place to live by many local and out-of-state residents, but today we see a fascinating shift in the real estate market conditions to the Eastside areas. Home and rental prices for properties in Bellevue have risen dramatically over the last year due to major economic development and corporate growth. According to recent data, Bellevue has been leading the market when compared to other local cities at $2,083 for an average rent rate.

Bellevue’s tech industry is booming and is home to world’s most well- known tech companies like Microsoft, T-Mobile, Symetra Financial, PACCAR, Expedia and so much more. All of these tech companies offer diverse employment opportunities and a robust benefits package which attracts many people in the workforce throughout the world. In fact, the Seattle City Council just recently toyed with the idea of a head tax on the city’s largest companies that make $20 million annually. After initial approval, it was later repealed due to citizen backlash. The motive behind this proposal is to eventually alleviate housing and homeless crisis in the City of Seattle and make housing much more affordable for Seattle residents.

This course of action that the City of Seattle is taking is impacting big corporations, like Amazon, by having them expand outside of Seattle to not have to pay big taxes. According to UrbanBellevueLiving.com, Amazon is now in the midst of looking at the Bellevue region to expand their business for Washington State employees. If Amazon opens new offices in Bellevue, this will entice more of the Seattle population to start looking for homes on the Eastside which will rank Bellevue among the highest and most desirable place to live in the Seattle area.