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.

Featured Rental: 1920’s Broadmoor Home

1212 Broadmoor Dr. ELiving in Broadmoor offers residents the best of two worlds: in-city living within a quiet, secluded atmosphere. Just blocks from the shops and restaurants of Madison Park and Madison Valley, and in walking distance of the Washington Park Arboretum, Broadmoor is the ideal location.

This 1928 home available for rent is situated on the fairway of the Broadmoor Golf Course and offers a peaceful green view. Many of the 1920′s details are still intact, and this home is attractively decorated with pretty oak floors, classic rooms, and a covered porch. A one-car garage and basement offer plenty of storage.

This is a great opportunity to live in one of Seattle’s most sought-after areas! Please contact listing agents Betsy Terry and Jane Powers at Ewing & Clark, Inc. for more information on this home.

The Details

Bedrooms: 3  |  Bathrooms: 1  |  Sq. Ft.: 2,230  | Available for: $3,900/month

Broadmoor Living room

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!

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!

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!

Random Rental Safety Inspections Begin This Month

Apartment KitchenLast year, the city of Seattle implemented the Rental Registration and Inspection Ordinance (RRIO), which requires all Seattle landlords to register their rental properties and have them inspected for basic maintenance compliance, and this month random inspections will begin. While the city has previously relied on renters registering complaints as a way to ensure landlords are performing maintenance, the ordinance aims to establish a system of regular checks on properties to make landlords are adhering to basic standards across all units. The 2009 American Housing Survey reported that an estimated 10 percent of the 148,000 rental units in Seattle had “moderate to severe” physical problems. The new requirements apply to units in both apartment buildings and rental houses.

According to the Puget Sound Business Journal, the Department of Planning and Development is planning to inspect about 2,000 units this year, with a goal of inspecting 6,000 annually going forward. Inspectors won’t be showing up unannounced – landlords will be given 60 days notice to make sure they’re complying with the RRIO checklist, which includes items such as ensuring there is a functioning heat source in every habitable room and bathroom, no leaks in roofs or windows, and making sure all toilets flush. Properties will be inspected at least once every 10 years.

The DPD is hoping the clear guidelines will increase awareness among landlords and rental property owners of what basic standards are for their rental properties, and decrease the reliance on tenant complaints.

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

Madison Park Rental Home: $5,650/Month

Madison Park rental homem

This lovely one level Madison Park home sits in the quiet Canterbury location near Madison Park Shops, restaurants and parks. Amenities include easy access to Downtown, freeway and the Eastside. Beautiful finishes include oak floors, cathedral ceilings, and a new kitchen with family room. The fenced garden boasts lovely plantings and hot tub. This spacious home has an attached two car garage that also includes a large workshop. Gardening included. Prospective tenants will need first and last month’s rent, plus one month’s rent for the security deposit. If you’re interested in this or other Seattle rentals, contact your local real estate agent today!

Status: For Rent
Bed/Bath: 3/2.5
Price: $5,650/Month

Madison Park Rental Home: $4,500/Month

mp rental

This three bed three bath Madison Park home is a perfect location, is now available for rent! Three bedrooms are located on the 2nd floor & 2 baths. The Office features views on the 3rd floor, and master bedroom has 3/4 bath and a fireplace. On the main floor, you’ll find an updated kitchen, family room, dining room, living room, & powder room. The yard space is truly amazing! There’s a large deck off the kitchen and family room, and two side patios on the South side of the home. The laundry room is located in the basement, and there is a two car garage parking off the alley. *Looking for a short term lease – 3 months* All rooms are furnished except one bedroom. For more information on this, or other Seattle rentals, contact your local real estate agent today.

Status: For Rent
Bed//Bath: 3//3
Price: $4,500/Month

Renter Or Rental Owner? Now Is The Time For Winter Maintenance

Madrona rentalEven if you live in a rental, the cold, wet weather of winter should prompt you to do some preventative maintenance on your home, both to limit your liability for any potential damage from the elements and to keep your home as comfortable as possible during the winter. Talk with your landlord, both to make sure they are performing their share of required maintenance, and also to find out what tasks are your responsibility.

The Rental Housing Association of Washington has several tips regarding what you can do as a renter to minimize damage to your unit this winter. If your lease requires you to perform yard maintenance, make sure you’re keeping the area around your foundation clear so excess moisture doesn’t build up and seep into the home (check with your landlord before you do anything beyond basic yard cleanup). Bag up fallen leaves and trim shrubs around the perimeter of your house. But don’t pull out that ladder just yet, as it should be the owner or landlord’s responsibility to make sure roofs are sound and gutters are draining correctly.

It is often the tenant’s responsibility to make sure smoke and carbon monoxide detectors are working, and during the season when more people are using their heat and having fires, it’s important to make sure these are operating correctly. Check your lease to determine if this is something you need to keep an eye on.

Especially in damp climates like ours in the Northwest, it’s important to pay attention to moisture levels inside your home, as well as outside. In the winter, when you’re more likely to have all your windows and doors closed, keep indoor air dry and circulating with fans, or occasionally crack a window to let some fresh air in. If you haven’t turned your heaters on yet, make sure they’re free of dust and move any belongings away from vents to minimize fire risk.

These tips should help ensure that you have a warm and uneventful winter in your rental! If you are interested in finding a rental property in Seattle, contact your local real estate agent today.