Rising Seattle Rents Show No Sign of Slowing Down

Hundreds of newly built rental units opened up this past year in Seattle, but the demand for more inventory and rental prices have continued to rise, with little to no signs of slowing down. Many renters and homeowners are having to reevaluate their lifestyle changes to keep up with the market today. According to the Seattle Times, wealthy folks are helping to revitalize different neighborhood business districts, but many renters are tied down by mediocre wages, and are being forced to reevaluate their lifestyle, or move out of the city altogether to make ends meet. With low inventory and a growing young tech community of employees, the time to buy a home is altered, and has contributed to the increase in rent through Seattle and the surrounding areas.

Photo credit: www.third-estate.com

Photo credit: www.third-estate.com

According to the Times, the cost in renting a studio apartment over the last two years has risen $434 in Wallingford, $419 in Capitol Hill, and $306 in Ballard. The increase in rent is also being fueled by development. With a majority of new development geared for wealthy renters, the increase in inventory will not come to the aid of those just barely scraping by. Many Seattle renter are frustrated with the rise in costs, and are concerned they may not ever be able to save up enough money to buy a home. Many are worried that by the time prices calm down, the Seattle metro area will have a very different look and feel then when they moved to the city. For more information on Seattle Rentals, contact your local Real Estate agent today.

Curious How Much Your Rent Has Risen? Rental Prices: Past and Present

Do you find yourself wondering what your rental cost would have been, had you moved into your basic one bedroom apartment 3 years ago? Me too! The cost of rent in the Greater Seattle area has steadily risen over the past few years without inventory changes, although builders are starting to pick up where they left off, and apartment building construction is now on the rise all over the city. If you were to take a look at the cost of living in your neighborhood, say in 2007, how much do you think your overall cost of living would change? Well we’ve got the results! Seattle Metropolitan has the stats and the changes might make you resent your non waterfront view home. For instance, the average cost of rent in the Ballard neighborhood back in 2007 was $755, and today the same unit costs around $1,188. Ouch! Take a peak at your neighborhood, you might wish you could rent a time machine.