Hundreds of newly built rental units opened up this past year in
Seattle, but the demand for more inventory and rental prices have
continued to rise, with little to no signs of slowing down. Many renters
and homeowners are having to reevaluate their lifestyle changes to keep
up with the market today. According to the Seattle Times,
wealthy folks are helping to revitalize different neighborhood business
districts, but many renters are tied down by mediocre wages, and are
being forced to reevaluate their lifestyle, or move out of the city
altogether to make ends meet. With low inventory and a growing young
tech community of employees, the time to buy a home is altered, and has
contributed to the increase in rent through Seattle and the surrounding
areas.
According to the Times, the cost in renting a studio apartment over the last two years has risen $434 in Wallingford, $419 in Capitol Hill, and $306 in Ballard. The increase in rent is also being fueled by development. With a majority of new development geared for wealthy renters, the increase in inventory will not come to the aid of those just barely scraping by. Many Seattle renter are frustrated with the rise in costs, and are concerned they may not ever be able to save up enough money to buy a home. Many are worried that by the time prices calm down, the Seattle metro area will have a very different look and feel then when they moved to the city. For more information on Seattle Rentals, contact your local Real Estate agent today.
According to the Times, the cost in renting a studio apartment over the last two years has risen $434 in Wallingford, $419 in Capitol Hill, and $306 in Ballard. The increase in rent is also being fueled by development. With a majority of new development geared for wealthy renters, the increase in inventory will not come to the aid of those just barely scraping by. Many Seattle renter are frustrated with the rise in costs, and are concerned they may not ever be able to save up enough money to buy a home. Many are worried that by the time prices calm down, the Seattle metro area will have a very different look and feel then when they moved to the city. For more information on Seattle Rentals, contact your local Real Estate agent today.