Multifamily Rent Changes

As detailed in a recent brief published by CBRE’s Tech Insights Center, apartment rents have become highly correlated with remote work and return-to-office trends. During the early stages of the pandemic, rents in urban cores declined as many employees embraced remote work and moved to more rural or affordable areas. The extent to which rents increased across various western Washington markets has varied. In some cases, five-year trends were significantly altered by the unusual circumstances brought about by the pandemic.