According to the Seattle Times, rents are up 10% over the last year and some analysts project rents to increase a further 17% by December 2010.  

The biggest demand is for units renting for less than $1,500 a month. Anyone who bought a studio or 1BR for investment a few years ago is probably quite happy.

Those seeking to spend less than $1,500 a month, especially in urban Seattle, must act quickly when a high-quality apartment or house becomes available in their price range.

"If you see anything on Craigslist for a decent price, it's gone in a day," says Steve Spencer, 23, a student at Seattle Pacific University and another early arrival at the Dexter open house. He's lived at his current home for two years and says "prices have gone way up" in that time.


Full Seattle Times article here.