King County Rental Market Recap March 2014

The King County rental market saw an increase in leased properties in March,  with 641 rentals, versus 611 leased properties in the same month last year, according to statistics from the Northwest Multiple Listing Service (NWMLS). While the NWMLS is a good gauge, it is only a portion of the real estate market.  Nonetheless, it shows rentals continue to be in high demand, especially in Metro areas.   Developers are following suit with big apartment buildings popping up in Ballard, Downtown, and South Lake Union and   according to an article from PSBJ, Seattle ranked the 7th best market for rental property investing. bellevue home

There are 268 current active rentals per the NWMLS in King County, 72 of which are in Seattle neighborhoods within about 6 miles of the downtown core and primarily made up of apartments and condos.  Rents continue to be competitive in the real estate market.

For more information on Seattle rentals, please contact your local real estate agent.

2014 Trendy Rental Perks

If you’re on the prowl for a new rental home, chances are you’re looking for amenities such as new kitchen counter, hardwood flooring and more than one bathrooms, but there are also other perks to living in a shared community that renters today should consider when searching for the perfect rental. From basic perks like an on-site laundry facility and parking to fitness centers in the building, each renter should consider which amenities they’d like to have included with their rental home. Living in an apartment these days doesn’t mean you have to forfeit a yard or BBQ space; private backyards are becoming more commonplace in first level units, and are much larger than your standard unit’s patio. If this is something you’d enjoy (or your furry friend would enjoy!) you’ll typically see a price increase anywhere from $150-$200. rental home jason

Like many Seattleites, I like to start my morning with piping hot latte – and it just so happens many of the apartment buildings in the area have an on-site cafe located in the lobby for your convenience. Is you morning workout important? Look for a building with an on-site community gym or a lovely pool (pictured right at the Olive 8), or if you like a nice summer BBQ, look for a building with a shared rooftop terrace. If you’re searching for a nice rental for you and your furry friend, pet friend amenities used to be difficult to find, but are becoming more commonplace in neighborhood buildings. Full-service pet spas and doggy-daycare  are located in many buildings for your convenience and your companions pleasure! Whatever your needs may be, it’s important to consider building amenities when searching for your next rental home. For more information on Seattle rentals, contact your local real estate agent today.

Madrona Rental Home: $2,450

Madrona rental

This adorable brick home just across from the Madrona Playground is now available for rent! Located just two blocks from St. Therese Madrona Elementary, this home features a large living room with a separate dining room, and a lovely kitchen with spacious cabinet room and room for a small table. There are two large bedrooms on the main floor, and the downstairs has a 3rd bedroom that could also be used as a family room. The garage is perfect for one car and has a ton of storage space, or could be used as a work area. The home also has a sizable backyard that is partially fenced with a small patio perfect for BBQs in the summer months. For more information on this rental or other Seattle rental homes, contact your local real estate agent today.

Status: For Rent
Bed//Bath: 3//1
Price: $2,450

Current Stats On Seattle’s Apartment Rentals Market

nate rental dt

PubliCola has some interesting statistics on the Seattle rentals market, pulled from the April 1 city council planning committee meeting, where Mike Scott of the rental-market analysis firm Dupre+Scott gave his take on the situation. In summary:

- Supply and demand has affected rent fluctuation more than increased development has. According to Dupre+Scott, low housing supply has led to increased rents, and an excess of available apartments pushes rent down, in line with the classic supply and demand model.

- While average rent in the Seattle market as a whole has gone up in recent years, that is mostly due to the inclusion of newer apartment buildings that rent units at rates from $1,300 to $2,000 per month. Rents at older buildings (built before 2009 with rents between $800 and $1,300 per month) have actually risen at a slower rate than the cost of maintaining them has. The age of the building you choose to live in will often have a dramatic influence on what your rent will be: For apartments built in 1997 or earlier, the average rent is $1,100 per month, whereas rents in buildings newer than that average $1,700 per month.

- Think you’ll get more space for your money with those higher rents? Average square footage has actually decreased from 750 square feet in the mid-90s to 650 square feet today.

- More rental-housing development is happening in the city of Seattle than in the suburbs, and the trend seems to be toward smaller apartments in denser areas where public transportation is readily available and residents can walk to restaurants, coffee shops and grocery stores. In certain Seattle neighborhoods the number of apartments available for rent is growing by huge percentages. In Ballard, for example, the number of rental units available is expected to grow by 250 percent between 2009 and 2018, and downtown could see a 200 percent increase in the same time span.

Interested in renting in Seattle? Contact your local real estate agent for more information!

Queen Anne Rental Condo: $2,295

Capture

This beautiful Queen Anne condo with stunning downtown skyline and Space Needle views is now up for rent. Located on the East side of Queen Anne Hill just steps from Bhy Kracke park, this condo provides the quiet environment of a residential street while being central to downtown and all Seattle has to offer. Included in the unit’s 1,100 square feet are a lavish master bath, walk-in closet, fireplace, and a wonderful terrace overlooking downtown. As an added bonus, secure parking is included with this unit. For more information on this condo or on other Seattle rentals, contact your local real estate agent today.

Shorewood Waterfront Rental Home: $9,000

shorewood

This beautiful mid-century modern home on the Puget Sound with view of the Olympic mountains is now available for rent! Built in 2013, this home has never been lived-in, and is very private, secured with 2 entry gates, 1 to enter the private road and another to enter the property. Features include top of the line kitchen with a walk-in pantry, master bedroom with private study, and an enormous walk-in closet and 5 piece bathroom. No detail was overlooked in this beautiful view home. The house is also completely computer integrated with heat, A/C, lights, television, music and security cameras that can all be accessed from ipads. For more information on this or other Seattle rentals, please contact your local real estate agent today.

Status: For Rent
Bed/Bath: 4//3
Price: $9,000

Downtown Rental Market Update

The rental market has continued its hot trend as we head into the start of spring. Downtown condo’s are renting fast and at a premium rate. With companies continuing to expand in the Downtown area it is becoming more attractive to move back into the city after years of growth in the suburbs. Within the last 30 days Ewing and Clark Inc. has assisted our clients in leasing out their units to quality tenants at competitive prices.

 Recent units that we have leased:
2000 Alaska Way #335
1415 2nd Ave #2401
1240 Terry Ave #1702
If you are considering leasing your property but need assistance with the process, contact one of our leasing experts who can assist you throughout the process.

Creating a Budget For Your Rental Home

When embarking on the search for the perfect rental, it’s important to factor in your monthly budget, but yet challenging to predict the associated costs. You’d like to spend enough to live in a good location and enjoy the amenities, all the while trying to save to one day buy a home. Finding that balance between spending and saving can be tricky, so here are some tips to help you create a budget while you’re saving for the ultimate home purchase. If plausible, you should shoot for a rental home with a monthly lease that is less than 33% of your gross income. That rate generally does not include utility rates and you may want to budget for emergency costs as well. QA high

It is also important to weigh your wants vs your needs. Larger apartments are wonderful for entertaining, but smaller apartments are more cost-efficient and while you want want that extra half bath for your guests, it might knock off a nice price cut if you don’t make that a top priority when searching for your rental. Things that are worth considering are finding  rental with a reliable property management company in a safe neighborhood, within a reasonable distance to your workplace. These are necessities vs wants, and worth spending a little more on when considering your rental budget. If you’re interested in finding the right Seattle rental for your wants and needs, contact your local real estate agent today.

Queen Anne Condo Rental: $2,800

Photo Courtesy of queenannehighschool.com

Photo Courtesy of queenannehighschool.com

This stunning top floor condo with panoramic views of Capitol Hill, downtown, and Puget Sound is now available for rent! This unit in the former Queen Anne High School Building offers an open floor plan with a high-end kitchen, hardwood floors, huge windows, and original slate chalk board from when this unit was a music classroom! Spacious master bedroom, + second bedroom or office, 1 full and 1 half bath, storage unit, and 2 assigned parking spots (one covered and one uncovered). Queen Anne High School is listed on the historical registry, a truly wonderful rental experience. For more information on this or other Seattle rentals, contact your local real estate agent today.

Status: For Sale
Bed/Bath: 2/1.5
Price: $2,800

Wall Street Jumps Into Seattle Rentals Market

bellevue rental

First-time home buyers often save for years in order to amass enough cash for a down payment on a home, but in the past couple of years, potential buyers have found themselves outbid by Wall Street investors with no shortage of readily available cash. According to The Seattle Times, firms such as The Blackstone Group have formed subsidiaries that buy large numbers of entry-level homes, often for less than $300,000, and renovate them for the rentals market. These firms are often able to pay all cash and close on the property much more quickly than a regular home buyer could.

According to market researcher RealtyTrac, major investors made at least 7 percent of all single-family home purchases in the Seattle area in 2013, buying 3,100 homes throughout the year. Blackstone’s Invitation Homes subsidiary alone bought at least 1,585 homes in 2013. Analysts do not see a slowdown in investor-purchased properties, and predict Wall Street could funnel $20 billion a year for the next few years into financing these purchases.

Neighbors who live near these homes are worried about the impact they will have on their neighborhoods as a whole, seeing investor-owned properties being neglected or violating housing laws or homeowner association rules. Some experts say these renovated properties could have an overall positive effect on neighborhood homes values, but that the increasing investor demand for rental properties could hurt regular home buyers by driving up prices.

For more information about Seattle rentals or real estate, contact your local real estate agent today.