Rents are going up, everyone. This isn't a huge surprise for most of Seattle. Check out the story highlighted in today's Seattle Times. At one building in West Seattle, the new owners are planning on raising rents by 130%! This is an alarming number. I think that this story is not the normal for most of Seattle, but it does highlight a lot of good info that, as a renter, we should all be aware of.
West Seattle has the lowest rents on average of any Seattle neighborhoods. This means that some of it will have the largest swings. In my opinion, I'm not sure who they are going to rent a mid century building, updated in the 80's, for above market rate. Take a look around the market. There are studio apartments in Lower Queen Anne, A.K.A Uptown, renting for $900 or less. This building is saying they will rent studios for $1,500 per month. I don't believe it.
The purchase of older (1960's, 70's, and 80's) apartment buildings are happening faster now than in the past few years. A lot of these new investors are either renovating/remodeling or tearing down to replace with larger projects. Either way, this means more money to scrape together for rent.
Now is as good of a time as any to ask yourself, Is it time for me to buy instead of rent? Let's talk about it. I am more than happy to sit down and talk through the pros and cons of renting in this super tight market. If, like me, you want to stay a renter let me help you find a place that is in your budget.