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.

Economic Downturn Makes Things Tough on Renters and Property Managers

We all know how the economic downturn has effected our own lives, and those across the nation and last week Zillow put together their findings on just how much the economy has affected renters and property managers alike. It’s weighted on property managers to fill rental properties, but with fewer and fewer eligible renters out there it’s become quite difficult to fill that void. New renters who had previously seen their homes go into short sale or foreclosures have been forced into the renting, and might not have alot of recent rental history, or any at all; making it increasingly hard for property managers to decide if they would be responsible tenants and be able to pay their rent on time.

There doesn’t seem to be a quick fix to the solution, and property managers might just have to wait until the economy stabilizes; but Zillow has graciously come up with a list of things new renters can do to speed along the process. For more information on rentals available in the Seattle area, click here.

Buying a Home Might Not Get Much Cheaper

Many renters today are choosing to put off buying a home for several reasons, statistics show that buying a home might not get any cheaper than it is right now. Experts say that 2012 may bet the last year for buyers to take advantage of the weak housing market and foreclosure influx. According to CNN Money, home prices are down 34% Nationally from 2006, and mortgage rates are at an all time low, making it the best year yet to find the bargain deal of a lifetime.

Economists with PNC Financial Services believe that home prices will flatten out by the third quarter of this year, and might begin to climb at the beginning of next year. There are several indicators that the housing market is picking up like the decline in foreclosures, and continued job growth nationwide, and buyers will have more access to affordable mortgages as they build their credit scores. While some prospective buyers who have been wary might be more willing to follow through because of the all-time low mortgage rates and lower home values, some renters still aren’t in a position to take the next step and will ultimately miss the grace period. For more information on the housing market, click here.

Two Downtown Seattle Rentals- AVAILABLE

Ewing & Clark has two one bedroom rentals currently available at the Newmark Tower. One of the rentals is a completely remodeled  condo unit of the 23rd floor, south facing with beautiful view of Downtown Seattle and partial view of Puget Sound. Floor to ceiling windows to allow natural light all day long. Enjoy the view from the Juliet deck or from either the living room or bedroom. Parking and storage included with rent. The second unit is a 1 bedroom + den on the 7th floor. Building amenities include: 24 hour concierge and security, indoor pool, business center, fitness center, hot tub, sauna, and common deck. One block away from the Pike Place Market. To learn more information about these properties, please contact Ridge Marshall.

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