King County Rental Market: June Recap

Featured rental: 1375 32nd Ave. S

     Featured rental: 1375 32nd Ave. S

King County rental activity was up in June from May with 299 leased properties, according to stats from the Northwest Multiple Listing Service.  This number is down from the same time last year, when there were 324 leased properties in King County.  Currently, there are 283 available King County rentals on the NWMLS, with 74 of those in neighborhoods within five miles of the downtown Seattle core.  The current highest asking price is $10,000 per month for a 2 -bedroom, 2.5-bath condo in the Four Seasons Private Residences in downtown Seattle.  If you are interested in renting in the Seattle area, contact us today!

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!

Average Rent In King Co. Up 8% Over Year

belltown rental homeDespite apartment buildings sprouting up all over the city, Seattle’s rental rates seem to be defying the laws of supply and demand. With more than 600 apartment units forecast to hit the market on Capitol Hill alone this year, and 12,000 in the King/Snohomish/Pierce county region, one might expect that an excess of units would cause rents to level off, or even fall. But according to The Seattle Times, the average rent for a one bedroom in King County has risen by 8 percent over the past year to $1,266 per month.

Looking for cheap rent? Move to Seatac, where the average rent for a one-bedroom is a mere $784 per month. Willing to pay top dollar to live in a luxurious high rise? Rent a one-bedroom in Downtown Seattle or South Lake Union for an average of $1,871 per month. Among all Seattle neighborhoods, Ballard saw its rents increase by the highest percentage over the year, having risen 13.1 percent to an average of $1,533, despite the number of available units doubling over the past five years. Magnolia saw the most stability in its rental market, with rents only rising by 1.4 percent. Rents in most of Seattle’s central neighborhoods are hovering around $1,500 per month.

Tom Cain, of research firm Apartments Insights Washington, told The Times that he does not expect rents to fall, in part due to Seattle’s job market keeping demand for apartments extremely high, and also because Seattle’s home-buying market is so challenging right now. A dearth of affordable homes to buy is forcing many to continue renting.

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

 

Survey Shows Renters More Optimistic About Buying

Renters in today’s market may have seen the value of their parent’s homes sky rocket, then deplete, or they most likely know someone who’s home is up for foreclosure. According to a survey done by the PulteGroup, The hope of home ownership is still in the air for many who rent and want to buy. Survey results showed that 60% of renters who said they would like to buy a home in the future have increased their intent to buy a home in comparison to a year ago. 61% of those folks also said they planned to purchase a home within the next two years.

When asked if they thought buying a home was a good investment, 44% of those poled said yes. According to Builderonline.com, the PulteGroup’s responded to the overall survey results with “We are seeing a renewed sense of optimism, especially from young professionals and young families visiting our communities nationwide,” Deborah Meyer, PulteGroup senior vice president. Many factors went into this survey and interestingly enough the pole also found that just over 1/4 of those poled believe that renting is cheaper than buying, and a little shy of a quarter are still worried about a stable job. For more information on Rentals and For Sale listings in the area, visit Craistlist.

New NW Housing Search Tool

King County has created a new website geared to help Seattle residents search for housing that fits within their budget, (income based housing, and non-income based housing). HousingSearchNW.org is a free resource where property managers and owners throughout King county can post their apartments or homes for rent anytime, and their updated daily, meaning these listings should always be current. This website is sponsored by the City of Seattle, King County, United Way of King County, Seattle Housing Authority and King County Housing Authority. This website is always free for both landlords and tenants, and along with rental properties also provides useful tools such as a rent checklist, affordability calculator, and even links to other helpful tools. If you’re looking for a place to rent in the Puget Sound Area, this new website is a very useful tool to help you find the right home for the right price. For more details visit HousingNW.org.

Tudor Home w/ Stunning Lake, Ocean & Cascades View- RENTED

Exterior

This beautifully remodeled Tudor on one of Madronas most desirable streets has amazing 180 degree views of Lake Washington, Cascades, and of Mt. Rainier. The home features a master suite + 2 additional beds and 1 bath upstairs. The gorgeous cooks’ kitchen has stainless appliances and built in eating area. This Tudor has a convenient 2-car attached garage off alley. 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 3,3
Last List Price: $4,000/mo

Seattle Rental Market is Hot

Seattle Apartment

Market is Hot!

It’s great news if you are landlord and not if you are in the market for a Seattle rental.  The article, Hot Apartment Market Settles in For a While, in the Seattle Times gives the details about what is going on with the Seattle apartment market.  Basically with less people owning their homes, whether they are scared to buy (debatable per the article), they lost their home, or if they are just moving here and do not want to commit until the experience Seattle, the demand is going up for Seattle apartments.  And that applies to the luxury rental market as well.  For example, The Bravern, the Bellevue 440+ unit building that was converted from condos to apartments, is already half full even though not all the units were on the market until this past October.  In addition, the supply of rentals is increasing slowly since there are not as many apartments being built as there were in the past.  According to the graphs on the article (see picture 3 of 3) vacancy in King county apartments is down to 4.3% from 6.8% two years ago.  In the same time period, average rent has gone from $1,015 to $1,045.

To get more details, read the article by clicking the link above.  It is interesting article if you are looking for a Seattle apartment or if you are a landlord.