How is Your Cost of Rent Determined?

There are several factors that come into play when owners, landlords, and housing boards decide how much to rent a particular space for. In Seattle it can be assumed that since inventory is low, the cost of rent is rising and will continue to do so for the next few years. The Seattle Transit Blog has an interesting take on how your rental price is determined, and why that price was decided maybe even before your apartment was built!

According to Seattle Transit, construction costs, and debt accumulated are taken into consideration, as well as what the market will hold when determining the set rent. They suggest that the cost of rent is decided before the unit is finished being built. There is a supply and demand factor in the housing price decision. If inventory is low, rent is high, but if there is a surge in construction maybe the quality of housing will decrease and renters will wind up eating extra costs. Seattle Transit suggests that if all goes well in the construction process, and attracts prospective tenants, we should be seeing an increase in supply and lower costs in housing production. Read the full story to gain a better understand of all the bells and whistles that come into play when deciding that final rental rate. Understanding that there are many factors at hand and wrapping your head around what those factors are should open the flood gates for new ideas to cut costs for renters and builders alike.

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

 

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

 

New Scam in the Seattle Apartment Market

According to the Seattle Times, there’s a new scam in the housing market. Online scammers advertise listed homes and foreclosed properties as for rent on popular rental websites such as Craigslist, with potential renters sending a deposit before receiving the keys. Be wary if the deal looks to be good to be true and/or the “property manager” asks you to wire funds through Western Union or Moneygram without letting you see the rental unit. For more details and tips, please read the article here.

Seattle Apartment Construction Improving Seattle Housing Market

Due to the influx of apartment construction, 2011 will be the first year since 2007 where housing construction will help the economy grow. There has been a surge in apartment construction, as signaled by the cranes in Ballard and South Lake Union, as well as an increase in permits, signaling future construction in Seattle.

For every new home that is built, it creates three jobs and adds $90,000 in taxes. For more details, read the Seattle Times article.

Seattle Apartment Construction Improving Seattle Housing Market

Due to the influx of apartment construction, 2011 will be the first year since 2007 where housing construction will help the economy grow. There has been a surge in apartment construction, as signaled by the cranes in Ballard and South Lake Union, as well as an increase in permits, signaling future construction in Seattle.

For every new home that is built, it creates three jobs and adds $90,000 in taxes. For more details, read the Seattle Times article.

Madison Tower Rental- RENTED

This Luxurious 2bedroom + den,  2.5 bath condo in the beautiful Madison Tower Condominiums located in downtown Seattle was recently rented by Ewing & Clark. This SW corner unit had sweeping Olympic Mountain, Puget Sound, and Seattle Cityscape views. Beautifully finished throughout with top-of-the-line appliances. Resort-style amenities available including room service, full-service spa, exercise room, library, meeting/conference rooms, virtual golf, 24hr concierge, residencent-only roof top deck and valet parking for 2 cars. To see more luxury rentals, click here. To learn more information about Ewing & Clark’s real estate service, please contact Garrett McGuire at (206) 838-7742.

Status: Rented
Bed/Bath 2 + Den
Last List Price: $5,600/mo

 

Fully Furnished Luxury Condo

Fully furnished luxury condo partially overlooking the Seattle Waterfront w/floor to ceiling windows w/Elliot Bay and Olympic Mountains view. Two bedrooms, 1 is master suite w/ 2 closets and 5 piece bathroom w/ Jacuzzi tub. Granite counter tops, gas cooking and pantry in kitchen Additional amenities include A/C, gas fireplace, laundry room with full-size front load washer/dryer, two secured parking stalls. Rent includes water/sewer/garbage/gas. Please follow the links to find full listing details and photos of the home, or search other Seattle luxury rentals.

Status: For Rent
Bed/Bath 2,2
Last List Price: $2,395/mo

Fully Furnished Luxury Condo

Fully furnished luxury condo partially overlooking the Seattle Waterfront w/floor to ceiling windows w/Elliot Bay and Olympic Mountains view. Two bedrooms, 1 is master suite w/ 2 closets and 5 piece bathroom w/ Jacuzzi tub. Granite counter tops, gas cooking and pantry in kitchen Additional amenities include A/C, gas fireplace, laundry room with full-size front load washer/dryer, two secured parking stalls. Rent includes water/sewer/garbage/gas. Please follow the links to find full listing details and photos of the home, or search other Seattle luxury rentals.

Status: For Rent
Bed/Bath 2,2
Last List Price: $2,395/mo

Unit in Madison Tower/Hotel 1000- AVAILABLE

Luxurious 2bedroom + den,  2.5 bath condo in the beautiful Madison Tower Condominiums, atop Hotel 1000 is available for rent. This SW corner unit features sweeping Olympic Mountain, Puget Sound, and Cityscape views. Beautifully finished throughout with top-of-the-line appliances. Resort-style amenities available including room service, full-service spa, exercise room, library, meeting/conference rooms, virtual golf, 24hr concierge, residencent-only roof top deck and valet parking for 2 cars. To see more luxury rentals, click here. To learn more information about this property please contact Garrett McGuire at (206) 838-7742.

Status: For Rent
Bed/Bath 2 + Den
Listing Price: $5,995/mo