High rent and high home prices in Seattle can often make it feel like the decision between buying and renting isn’t so cut and dry – either way you’re paying a premium for housing. But a new report from Trulia makes a strong case for home ownership, reporting that it is 34% cheaper to own a home than to rent in Seattle at today’s 4.5% mortgage rate. According to the report, mortgage rates would have to hit 9.3% before renting would be cheaper than buying in Seattle.
Nationally, home ownership is 38% cheaper than renting in all of the 100 largest metro areas, but in some extreme markets small changes in mortgage rates could tip the scales in favor of renting. For example, in Honolulu, a mortgage rate of 5% would make renting a better value, and a rate of 5.8% would make renting cheaper than owning in San Francisco.
Following a trend in recent years of carbon-monoxide-related deaths stemming from the use of grills and propane heaters indoors, carbon monoxide detectors are now required for all rental properties. The rule took effect January 1, 2013. The Washington State Building Code Council requires a detector on each level of the residence and outside each sleeping area.
While the state landlord-tenant laws do not specify tenant responsibilities for maintaining carbon monoxide detectors, most standard leases assign responsibilities in a similar fashion to those governing smoke detectors. Property owners are required to install the detectors, while tenants are responsible for their maintenance, and are subject to a fine of up to $200 for non-compliance.
Some buildings already have dual smoke/carbon monoxide detectors, but the Seattle Fire Department’s Fire Prevention Division recommends testing these at least once a month, especially if they are frequently disabled due to smoke while cooking.
Apple Valley on the Eastside is the site of this charmingly remodeled home, now available for rent! This home features high ceilings ,hardwood floors, and an abundance of natural light! A den is off the large living room and the dining room opens to the gourmet kitchen. This home was recently remodeled by an architect with much care for comfortable living. The master suite has ample closet space and a beautiful bath. The other bedrooms are nice in size and all on the same floor. The back yard is completely fenced, and there is a 1 car garage attached. For more information on this or other Seattle rentals, contact your local real estate agent today.
This lovely Craftsman on north Capitol Hill street is now available for rent! This two story home with a basemen, has been remodeled in keeping with the charm of the turn of the century. The kitchen is a state of the art , with an island for sitting and talking with the cook, gas stove , and the kitchen overlooks the back yard that features a wonderful Play set outside. Hardwood floors throughout the first and second floor, and lower level has a family room and an additional bedroom. If you’re interested in this or other Seattle rentals contact your local real estate agent today.
If you rent in Seattle, your pockets have certainly felt the rise in rental rates over the past few years. According to a report by Trulia, so have renters in other large tech cities. After dissecting housing reports Trulia found that prices were generally 82% higher in big tech hubs compared to other large metro cities. While engineers and and highly paid coders are well paid in the industry, the cost of living increase is still making it difficult to afford to live in these cities and bridge the affordability gap. According to the report, 48% of homes listed in these tech cities were affordable to the middle class based on the median household income, compared to 63% listed in other metro areas.
There are also huge variances even in affordability among the big tech hub cities: 14% of homes in San Francisco compared to over 60% in Washington DC and Raleigh. The big year over year increases in asking price were up in the top 10 tech cities, with a high rise of 24.4% in Oakland, and a low of 6.5% in Raleigh. Seattle’s asking price was up 16.6%, which was above that is San Francisco and San Jose. The rise in rent has also been prevalent in these tech hubs, with a standard 2 bedroom renting for over 37% more than in metro cities, and a year over year rise in Seattle has seen a 9.2% increase. If you’re looking for affordable housing in the Seattle area, contact your local real estate agent today.
This gorgeous 1 bed 1 bath NW facing condo unit in the Meridian Condominium is now available for rent. Features include beautiful views of Lake Union, Capitol Hill, downtown, and Puget Sound. The kitchen has all tile flooring, stainless steel appliances, slab granite counters with tile back-splash, and maple cabinets. The condo also features high ceiling, fireplace, and floor to ceiling windows in living room for maximum views. The bedroom has a deep closet, and attached deck with views. The Meridian Condo includes 24 hour security, concierge, steam room, entertainment room, hot tub, fitness center and guest parking. If you’re interested in this unit, or other Seattle rentals, please contact your local real estate agent today.
This gorgeous 2 bedroom end unit near Madison Park Beach and Park is now available for rent. This condo sits right above the lake, and features many large windows and a spacious deck. Features include views of Lake Washington, mountains, and the Park, with two bedrooms and one and a half baths. The unit is in close proximity to restaurants, shops, and a bus line to downtown, and has a washer and dryer in the unit. There is also one parking stall in a secured garage. For more information on this unit or other Seattle Rentals, contact your local real estate agent today.
This beautifully appointed 2 bedroom condominium in the desirable Belltown neighborhood is available for rent. This large 2 bed 2 bath unit in the Bellora Condominium features hardwood flooring, a beautiful open kitchen and an open living area perfect for entertaining. The unit has a ton of huge windows, giving an abundance of natural light, and there is a sizable fireplace that can be seen from both the living room, and the master bedroom. The master has a luxurious 5 piece bath, and there is also a den, and one secured parking space. If you’re interested in this listing or other Seattle rentals, contact your local real estate agent today.
This 2 bed 2 bath condo rental is the only condominium on the downtown waterfront, and is now available for rent! This fully furnished luxury condo overlooks the waterfront via floor to ceiling windows, with views of Elliott Bay and the Olympic mountain range. The master suite features 2 closets with a 5 piece bathroom including a relaxing jacuzzi tub. Features include granite counter tops, gas cooking pantry in the kitchen, gas fireplace, and laundry room with full size front load washer/dryer. There are two secured parking stalls, and the cost of rent includes water, sewer, garbage, cable and gas. For your convenience, there is 24 hour concierge service available. If you’re interested in this or other Seattle rentals, contact your local real estate agent today.
This beautiful 4 bed 3 bath Washington Park home is now available for rent on the highly sought after McGilvra Blvd E. This home has glorious views of the Cascades and Lake Washington, sitting high above the street, with a panoramic view, with a great neighborhood presence. Features include traditional detailing finish work, high ceilings, large rooms and natural light. The dining room and kitchen open out to the private terrace level lawn area, and the master bedroom is located upstairs with a view balcony. The home is conveniently located near the Lake, parks, restaurants, and shops. If your interested in this or other Seattle rentals, contact your local real estate agent today.