King County Rental Update: October

shorewoodAvailable rentals this fall are dropping like the temperature outside as we take a look at the housing market in Seattle’s King County. As expected people are likely settling in for the winter months and not in search for a new place. With a significant drop in rented properties, Seattleites are seeing a whopping 47% decrease in October compared to the previous month according to data from the Northwest Multiple Listing Service. It’s typical to see this kind of change in the market throughout the season but what will that mean for the prices of rentals for those who are still in the market to rent? Are rental increases going to halt with less demand or will they continue to stay up? The MLS shows us that in October the highest priced rental property was a 4 bedroom, 3.5 bathroom home with 4,250 square feet of luxury living space. Stay tuned-in to Seattle Luxury Rentals and keep an eye on this rental market. Questions? Call a local agent today to take advantage of rentals or investment opportunities that could be available to you.

September Rentals Update

ridge downtown rentalSeptember rentals were only slightly lower than August this year in King County. The Northwest Multiple Listing Service data tells us that while there were 287 leased properties in August, September statistics are showing 281. This is only a small change as we enter the fall season. Among these rentals are two luxury penthouses in Bellevue. One of these rentals, a 4-bedroom, 4.25-bathroom penthouse of nearly 4,800 square feet, leased for $17,500 a month. The other luxury penthouse, just as stunning but with 3 bedrooms, 3.5 bathrooms and around 3,500 square feet, leased at a monthly price of $14,900. While these particular luxury rentals are at a distance from Seattle, there were still many other rentals available within the city itself, and all of them in a much lower price range. The NWMLS shows that 19 out of these 281 listings were located in central Seattle and the prices ranged from a low of $1,225/mo to a high of $6,500/mo. The median price for a rental in central Seattle was around $2,200 per month for a 1,200 square foot, 2-bedroom apartment. With this wide range of rental availability and rents slightly lower than summer there still many opportunities to find a King County rental that’s right for you. If you are interested in leasing a property or investing in Seattle or King County properties, please contact an agent today to get information on availability.

August Update: Seattle Rentals

eastlakecc

The last month of summer saw a small drop in rentals in King County this year. According to data found on the Northwest Multiple Listing Service there were 287 leased properties in August of 2015 with the average rental price being just over $4,000/mo. Statistics for King County show a slight decrease in rentals; 334 in August of 2014 compared to this year’s 287. As the number of leased properties dropped, prices for these rentals have steadily increased. The highest rental of the month this year was leased at $9,500/mo for a 2 bedroom, 2 bathroom apartment in the heart of downtown Seattle. Last year, some comparable downtown apartments had been leased for closer to $8,000/mo. For those interested in investing in rental properties it’s a great time to profit on the demands of the increasing rents in the King County rental market. Get in touch with an agent today to find out how you can benefit!

July Update: King County Rental Market

Featured rental: 1375 32nd Ave. S

Featured rental: 1375 32nd Ave. S

King County rental activity was up in July from June with 308 leased properties, according to stats from the Northwest Multiple Listing Service.  This number is down from the same time last year with 332 leased properties in King County.  Currently, there are 342 available King County rentals on the NWMLS, with 81 in neighborhoods within five miles of the downtown Seattle core.  The current highest asking price is $9,500/mo, both for a five-bedroom single-family home in Capitol Hill, and for a two-bedroom condo at the Four Seasons Private Residences in Downtown Seattle.  For more information about Seattle rentals, contact your local real estate agent today!

King County Rental Market: June Recap

Featured rental: 1375 32nd Ave. S

     Featured rental: 1375 32nd Ave. S

King County rental activity was up in June from May with 299 leased properties, according to stats from the Northwest Multiple Listing Service.  This number is down from the same time last year, when there were 324 leased properties in King County.  Currently, there are 283 available King County rentals on the NWMLS, with 74 of those in neighborhoods within five miles of the downtown Seattle core.  The current highest asking price is $10,000 per month for a 2 -bedroom, 2.5-bath condo in the Four Seasons Private Residences in downtown Seattle.  If you are interested in renting in the Seattle area, contact us today!

Rental Market: Vacancy Down, Rent Prices Up

Demand for rental properties in King and Snohomish counties does not seem to be waning, despite average rents having risen 10 percent over the year. Apartment vacancy rates are at their lowest point in at least 10 years, at 4.05 percent, according to Apartment Insights Washington, though in some neighborhoods the rate is much higher. Ballard has the highest vacancy rate in the area at 17.3 percent (though this is down from a vacancy rate of 45 percent for the first quarter of 2015), and as of June 4 there were 600 apartment units under construction in the neighborhood and 450 more permitted, according to the Puget Sound Business Journal. In the King/Snohomish county area as a whole, there are 22,948 rental units under construction, up 42 percent from last year. Predictably, average rent in the King/Snohomish region is highest in Seattle, at $2,226 per month, followed closely by Bellevue, where the average is $2,000 per month. For the region as a whole, the average rent is up to $1,408.

If you are looking for a rental home in the Seattle area, contact your local real estate agent today!

Update On King County’s Rental Market

rentKing County rental activity was hot in the month of May with 269 leased properties, according to stats from the Northwest Multiple Listing Service. The market picks up in the spring and summer, so we can expect the number of rented properties (and rental rates!) to increase in June and into July. This number was up from the same time last year with 244 leased properties in King County. Currently, there are 218 available King County rentals on the NWMLS, 68 of which are within 7 miles of the downtown Seattle core. The current highest asking price is $17,000/mo for a 5-bedroom/6-bathroom single family home in Washington Park. For more information about Seattle rentals, contact your local real estate agent today!

New Data Shows Seattle Rents Up 6.2% Over Year

RentalsSeattle rents continue their upward trend, and a the median price for a one-bedroom apartment will now set you back a whopping $1,858 per month. But while many markets are seeing rental rates rise at a faster pace than home values, that is not the case in Seattle, where home prices this April were 6.9 percent higher than April 2014, compared with a slightly lower 6.2 percent increase in rents. Whereas in other cities rising rents may finally push renters to take the plunge into home ownership, Seattle renters looking for a respite from high rents find an even bigger challenge in the home-buying market.

While Seattle continues to hold the final spot in the top 10 most expensive cities for renters in the U.S., prices are still well below the sky high median of $4,225 per month in San Francisco, and rents here are growing at a snail’s pace compared to Portland (8.6 percent over the year), where rents are rising twice as fast as home values.

The jump to a $15/hr minimum wage could have an impact on Seattle’s rental market, according to The Seattle Times. With the current $11 per hour minimum wage (the first phase of the planned increase to $15 per hour), even those who pay rent that is in the bottom 25 percent of all rents in the city are spending close to 45 percent of their monthly income on housing, far above the 30 percent threshold that signifies one is “overburdened” by housing costs. A $15 per hour wage would lower that percentage to a still high but more manageable 33 percent.

If you are looking for rental housing in the Seattle area, contact your local real estate agent today!

Average Rent In King Co. Up 8% Over Year

belltown rental homeDespite apartment buildings sprouting up all over the city, Seattle’s rental rates seem to be defying the laws of supply and demand. With more than 600 apartment units forecast to hit the market on Capitol Hill alone this year, and 12,000 in the King/Snohomish/Pierce county region, one might expect that an excess of units would cause rents to level off, or even fall. But according to The Seattle Times, the average rent for a one bedroom in King County has risen by 8 percent over the past year to $1,266 per month.

Looking for cheap rent? Move to Seatac, where the average rent for a one-bedroom is a mere $784 per month. Willing to pay top dollar to live in a luxurious high rise? Rent a one-bedroom in Downtown Seattle or South Lake Union for an average of $1,871 per month. Among all Seattle neighborhoods, Ballard saw its rents increase by the highest percentage over the year, having risen 13.1 percent to an average of $1,533, despite the number of available units doubling over the past five years. Magnolia saw the most stability in its rental market, with rents only rising by 1.4 percent. Rents in most of Seattle’s central neighborhoods are hovering around $1,500 per month.

Tom Cain, of research firm Apartments Insights Washington, told The Times that he does not expect rents to fall, in part due to Seattle’s job market keeping demand for apartments extremely high, and also because Seattle’s home-buying market is so challenging right now. A dearth of affordable homes to buy is forcing many to continue renting.

If you are interested in renting in Seattle, contact your local real estate agent today.

 

Seattle Rents Up 32% Since 2009

eastlakeccSeattle renters don’t need to be told that housing costs have risen dramatically over the past several years – that reality hits home when they write that rent check every month – but some might be surprised to learn just how far they’ve climbed. Rental rates here are up 32.38 percent since 2009 – more than twice the national average of about 15 percent – while incomes have only grown by 11 percent over the same time period. The only city with a greater increase was New York City, which saw a staggering 50.7 percent spike.

In a press release, NAR Chief Economist Lawrence Yun says that not only are renters feeling the squeeze, but home ownership and its guarantee of set monthly housing costs is becoming further out of reach due to rising home prices and stagnating incomes. Yun suggests that increased new-home construction aimed toward entry-level buyers would help renters transition to home ownership and take pressure off the rental market.

If you are interested in renting in Seattle, contact your local real estate agent today.