The Seattle rental market suffered the largest percentage decline of any major city in the US in 2009 at -13.8%. Increasing unemployment as a consequence of large job losses among major local employers was only part of the story. The law of supply and demand ruled as the highest number of new apartments to go online in 20 years saturated the market. Due to a lack of new construction and improving job market in 2010 the inventory is being absorbed and the vacancy rate is coming down, a little. The outlook for 2011 is cautiously optimistic.
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