Posted on 07/25/2019 8:44:34 AM PDT by simpson96
Last October, when Taylor and Ally Condrin went looking for an apartment in the Issaquah area, the rental market seemed almost friendly. The young couple found a 3-bedroom, 2-bath unit that was advertised for $2,200, but the property manager was so eager to sign a lease that they got a free month’s rent.
What a difference a year makes. Today, identical units in the complex are renting for around $2,800, says Taylor, a 27-year-old who owns his own digital-marketing agency.
The Condrins were already on the fence about staying in the apartment — they’ve got a 5-month-old daughter now and wanted more room. But the rent increase “was the nail in the coffin,” Taylor says.
Their experience is hardly unique. Starting around last summer, much of the Seattle-King County market seemed to hit a pause in rent increases. So many new apartment buildings had come on line that supplies were finally catching up to demand. In dozens of neighborhoods, rents leveled off or actually began falling.
Between June 2017 and June 2018, according to Zillow, the median price across all rental properties — from apartments to rental homes — in King County fell by 0.5%, to $2,383. In Seattle, median rent fell by 1.5%, to $2,486, with the median 2-bedroom unit going for $2,100.
But that pause is now history. Aside from a few pockets of oversupply — found mostly in high-end neighborhoods such as Belltown and downtown Seattle — the regional rental market is swinging back in favor of landlords.
(Excerpt) Read more at seattletimes.com ...
A 3 bedroom place isn’t big enough for a young couple with a small child???
This could save Boeing. They can the grounded Max 8s into housing.
At least one bedroom for an office and another for a family room.
What good is electing communists if they don't, you know, communate?
“A 3 bedroom place isn’t big enough for a young couple with a small child???”
I know. Seems to be “a thing” with most Millennials. They want it all, and they want it now - No “starter” place.
Factors such as property taxes, etc keeps going up and costs are passed on to the renters.
You should see all the ungrateful idiots on HGTV.
Unless it’s 3,000-5,000 sq. ft. they really can’t get by.
And it all has to be very-high end.
They brag about having “refined taste” because everything must be so-so wonderful.
Yeah, everybody loves new and newly-remodeled @$400,000-$500,000.
Then they also get into places in Canada or Coddyfornia or Washington where now a house is $750,000 to $1.5 million.
OR they head off to Europe or some such and something small and old (admittedly) is $2,000+ a month to rent.
It’s a real eye-opener to see what’s being charged out there and what people are willing to spend.
That’s exactly what I was thinking. We lived in a 3-br, 2-ba apartment with six kids and a cat, back in 2003. I expect it was bigger than a place in Seattle, but still ...
Who the hell would want to live in Seattle?? You could not pay me to go to that craphole again. One visit was enough to last me a lifetime.
“I’ll take “government artificially constraining markets” for $500, Alex!”
Supply meets Demand.
I’m sure the influx of Illegal Invaders has absolutely no impact on the availability of Affordable Rental Units.
more likely its the yupsters who dream of a loft in South Union or one of those gingerbreads in Fremont or MapleLeaf.
It’s also the price paid for increasing density and other urban planning shenanigans that increase the cost of living in Seattle. No matter, if you choose to live in Seattle, then you will get no sympathy from me.
when I was growing up, we had ONE bathroom for all of us..2 parents and 6 kids and we even had my grandmother living with us for a couple of years.It required us having bunk beds or 2 of us girls sharing a double bed (and we had our little brother in between us for a while!)
we've become so spoiled in America....
22+ million are stashed somewhere. Captain obvious is invisible to democrats.
Yep, liberal policies will have higher taxes, utilities, fees, etc. In short, the voters are getting what they vote for...passed on to them.
Issaqua = Microsoft
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