Eastlake Receives Micro Apartment Proposal

The tiny apartment boom has gained popularity in areas like Capitol Hill, and now the Eastlake neighborhood might be getting a new Micro Apartment complex as well. Johnson Carr LLC development team has submitted a proposal to build a room-share style apartment complex. Similar projects have gained popularity due to affordability, and are set up a little different than your typical apartment; with rooms organized around centrally located common spaces on one floor. Residents share common kitchen and laundry facilities, but individual units have their own bathrooms and kitchenettes.

Micro Apartment sketch from Biz Journal

Micro Apartment sketch from Biz Journal

Johnson Car LLC is proposing a 5 story project, with 115 units at 2820 Eastlake Avenue E, on a site that currently has a house and a small apartment building that will have to be demolished. The developer has teamed up with Janette Architecture | Planning | Design, and a Seattle design review board meeting was scheduled last night to discuss the proposal. For more information on the project, visit the Seattle Daily Journal of Commerce.

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.