Seattle Rental Market – 2016 in Review

Seattle RentalThe Seattle rental market has continued to see increasing rents in 2016 over 2015, although as we wrote last month Seattle rents have shown signs of slowing or even going down towards the end of the year.  Seattle rental numbers cannot be gathered from one source.  When looking at the Northwest Multiple Listing Service (NWMLS), the number of rented homes, the average rent, and average rent per square feet in Seattle all went up.  The NWMLS showed 1,094 vs 1,071 Seattle rentals in 2016 and 2015 respectively.  The average rent increased to $2,752 vs $2,588 from the prior year with the average rent per square feet increased to $2.38 from $2.00.  The NWMLS is mainly rentals from individual owners and does not include large Seattle apartment complexes.  In Downtown alone there was 20 new Seattle apartment buildings in 2015, 14 underway or completed in 2016, and 27 dues to be completed in 2017.  Thus the NWMLS is only a small portion of Seattle rentals.

The above picture property is a Seattle rental located on the north-end of the Pike Place Market.  The one bedroom, one bathroom condo has unobstructed views of the Sound, Market, and the Wheel. It is available for $3,675.

Click here to search the NWMLS rental listings or contact a Seattle leasing agent to assist you.

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

Rents Decreasing in Seattle?

seattle-rentalsMost have seen the headlines about ever increasing rents in Seattle.  While this overall news has been true in the recent past (meaning earlier this year), the Seattle rental market has seen some signs of relief for renters. For example, Rent Jungle shows the average apartment rent over the prior 6 months in Seattle has actually decreased by $13 (-0.6%). When looking at the Northwest Multiple Listing Service, the number of rented homes and the average rent in King County has decreased when looking at the most recent calendar month. In November 2015, there was 228 rentals which leased for an average of $2,644 per month while in November 2016 there were 214 rentals which leased for an average of $2,598 per month. The most often given reason for the decrease in rent is the number of new apartments coming on the market. Looking just at Downtown Seattle, the development map shows 20 new apartment projects were completed in 2015. At the mid-point (June) of 2016, 3 apartment projects had been completed but 11 were under construction and projected to be finished. In 2017, 27 apartment projects in Downtown Seattle are expected to be completed. This is meant to keep up with the demand of the ever-growing Seattle with new tech jobs continuing to come to the area.

If you are looking for a Seattle area home to rent, please click her to start your search for local available Seattle Rentals.

Denny Blaine Rental – Available for $18,000 per Month

Seattle Waterfront

There may be no better place to live in Seattle than in a Denny Blaine waterfront home.  This beautiful home sits on a little less than a half-acre lot surrounded by Lake Washington with views including Mt Rainier to Mt Baker.  The waterfront estate includes 5 bedrooms and 6 full bathrooms and the grounds feature a private dock, a boathouse, tennis court, and hot tub.  The list price for this luxury Seattle rental was just reduced from $20,000/month to $18,000/month.  Contact the Madison Park Ewing & Clark for more details.

Status: For Rent
Bed/Bath: 5/6
List Price: $18,000/mo

Queen Anne View Home – AVAILABLE

Seattle RentalThis Seattle rental sits on Queen Anne Hill with a sweeping view of Seattle’s magnificent skyline.  The home has been remodeled in keeping with the craftsman style.  The main floor has hardwood floors, a fireplace and a dining room open to the gourmet kitchen.  The upstairs has three bedrooms.  The basement is finished with an extra kitchen, bedroom, and family room.  The yard is fenced and private.  While some of the bedrooms are cozy, this is a great home for someone looking to live on Queen Anne and near Downtown and Lake Union – especially for easy access to the Gates Foundation and Amazon.

Click the link for more pictures and information on this Queen Anne Rental or look for the listing on Craigslist Seattle.

Status: For Rent
Bed/Bath: 5/2.5
List Price: $3,400/mo

 

Seattle Apartment Projects

Seattle Apartment FutureThe Seattle rental market is hot and builders are racing to find buildable land.  But as they look, other projects are already planned or started.  115 unit apartment building is planned on Capitol Hill and 118 unit apartment building on First Hill as already began by the developer, Gerding Edlen, who built and then lost the Bellevue Towers.  In the Lake Union area, two sites are being permitted by Seattle architecture firm Collins Woerman for 160 units on the Queen Anne side and 50 units on the Capitol Hill side of Lake Union.  What makes these Seattle apartment building unique is they are being permitted for a new prefab system.

Invest in Seattle Rental Propery?

The rental market in Seattle has been hot for some time.  Investors are snatching up buildable lots in Seattle and rentals are hard for tenants to find.  I came across this article regarding whether one should purchase rental property.  I found the preamble interesting:

There is, however, one bright spot: the rental market, where demand is up and rents are rising. That’s partly because those foreclosures have turned more than 4 million former homeowners into renters, but also because many other prospective homeowners, worried about losing their jobs or housing prices falling a lot further still, are reluctant to buy now.

But the body of the article was also interesting in deciding whether to invest in residential rental real estate.  If you are interested in buying a Seattle rental property contact a real estate agent.  Ewing & Clark, which I linked, not only represent buyers and sellers but also manages properties.

Open House at The Art Stable

The Art StableThere will be an open house at The Art Stable, Tuesday, May 3rd from 11 AM to 1 PM.    Only two condos are left in this award winning building building designed by iconic architect Tom Kundig.

Both units are shells giving you the ability to create your own dramatic and custom space. Floor to ceiling windows take in vistas of Downtown, Olympic Mountains, and Queen Anne Hill as well as the colorful urban fabric of vibrant South Lake Union neighborhood.

The commercially zoning allows the units to be used as live work spaces.  Click to read more about the 6th floor condo and 4th floor condo or come by the open house tomorrow to see the condos in person.

In addition, look for a more thorough blog about The Art Stable in the coming days.

Luxury Queen Anne Condo Available for Sale

Queen Anne Condo

View of Downtown Seattle from Queen Anne Condo

Superb Schultz Miller studs out remodel of this premier South Slope Queen Anne Hill condominium. Rare opportunity in one of Seattle’s best buildings. Extraordinary craftsmanship includes Pecan millwork & parquet floors, gorgeous paneled library, marble bathrooms & excellent kitchen. Sweeping views from Cascades to Olympics, sunrise to sunset, plus front and center vista of Mt. Rainier, the Space Needle and Seattle skyline. Truly one of the most luxurious condominiums on Queen Anne.

Status Condo For Sale
Area Queen Anne
List Price $4,950,000
Bed/Bath 2/1.5

Millennium Tower Penthouse – Available for Purchase

Seattle Penthouse Condo

Downtown View from Seattle Penthouse Condo

Once in a life time opportunity to own an entire top floor penthouse in Seattle’s best condominium residence. Huge shell with high ceilings, fantastic 360 degree downtown views and endless potential. Mount Rainier, Elliott Bay, downtown skyline and Olympic Mountain views afford every great vista in Seattle. Also the roof top deck belongs solely to this luxury condo. Well located building in Seattle’s Central Business district. Close to the stadiums, restaurants, art venues, without the crowds.  One of the most prestigious condominiums in the Greater Seattle Area.

Status Condo For Sale
Area Downtown
List Price $8,000,000
Bed/Bath Shell

Luxury Kirkland Condo for Sale

Kirkland Condo1+1+1=1 fabulous one of a kind Kirkland condo created with functionality in mind. For those moving from a home and unwilling to sacrifice space this is perfect luxurious condo. Three units were architecturally changed into one two bedroom unit with three baths and an ADU. Extensive office space, large cooks kitchen, dining and living rooms for entertaining, his and hers baths in the master. Built-in wet-bar, flat screen TV’s, sliding doors to HUGE view of Lake Washington and Seattle.  Condo includes moorage! West facing Lakeside stretches the width of the building.
Status Condo For Sale
Area Kirkland
List Price $1,995,000
Bed/Bath 2/3.75