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!

City Council Approves Registration & Inspection of Rentals

There has been alot of hype in the real estate realm around whether the City Council should approve the program which will require the registration and inspection of all rental properties. But yesterday afternoon  City Council must have agree with the tenant and landlord groups who’ve advocated that tenants have the right to healthy and safe living conditions, because the program was approved.

While many tenants and support groups are excited for the change to take place in 2014, other landlord groups are concerned about the potential fees from rental inspectors that could begin at $150 a day for those refusing to correct the problems. Under the program, all properties that have 10 or more units will need to register with the city prior to Dec 31, 2014, and properties with 1-4 units by Dec 31, 2016. According to the Seattle Times, the vote was 5-0 in favor of the program. For more information on rental property inspections, visit the Seattle Times.