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.
I think this article is sketchy at best. Cheap student housing may be difficult to find, but that’s it. If you are looking to rent a house for $1,500 you must act quickly, but there are plenty of rental apartments available for less than that. There are vacancies in Belltown and at least two new apartment buildings opening in the next year. I moved into a one bedroom in 2001 for $1100, my rent went down in 2003 and it remains below my original amount. I would say it continues to be a great time to rent in Seattle.
S.Data you are an abnormality. I have Dupre Scott and other market studies effectively mirroring the above. Also note: nobody likes to live in helltown.
Rents going up – too damn funny.
Somebody’s still drinking the koolaid!
A report by Reis Inc, a commercial real estate analysis company, rated Tacoma #1 and Seattle #2 in the country for highest rental rate growth in the past 12 months.
People move to Seattle, they don’t want to buy till the market bottoms, therefore they rent. The more renters there are, the higher rents will go. What’s so hard to believe about that?
Most other markets (like San Diego) saw rents rising really high right before home prices crashed. It is one of the final stages – demands on rentals increases because there is no affordability to buy.
Let’s see what rents look like a year from now. I remember back in 2002 / 2003 rents on the eastside took a huge plunge downward because the economy was toast and cheap credit made people buy homes instead.
I moved out to Seattle in ’05. In ’06 my rent was increased 37%; in ’07, 24%. This last year, my rent went up 0.5%, if that. Two years in Belltown, one and a half now in Cap. Hill.
The corporate firms were the worst. One bedrooms here.
Rents on the high end privately owned condos are slightly down.
Using a study that references your average apartment community is comparing apples to oranges.
I personally would recommend renting from a private LL.
Why?
Not only are the deals better, but I’d rather help an individual homeowner pay his/her mortgage than further pad the pockets of a corporate rental fat-cat owner.
The McGuire in Belltown has actually reduced its rents since I first started renting there (in June).
Me and my family do both. When the destination is local, we tend to do rental, maybe b/c we trust/know the people of the country. If its in a country that is new to us, I think a hotel is safer.
My downtown highrise landlord just sent me my lease renewal info – after a couple years of increases, this year rent stays the same + they’re throwing in a free month, essential an 8% decrease overall.
I wasn’t sure what to expect with the frozen housing market on the one hand and lots of new downtown rental units (Moda, Aspira and Olivian) creating some more competition.
Thanks for your suggestion. I have asked about negotiating the rent and I’m waiting to hear what they come up with.
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