Downtown Rental Market Update

The rental market has continued its hot trend as we head into the start of spring. Downtown condo’s are renting fast and at a premium rate. With companies continuing to expand in the Downtown area it is becoming more attractive to move back into the city after years of growth in the suburbs. Within the last 30 days Ewing and Clark Inc. has assisted our clients in leasing out their units to quality tenants at competitive prices.

 Recent units that we have leased:

 

2000 Alaska Way #335

1415 2nd Ave #2401

1240 Terry Ave #1702

 

If you are considering leasing your property but need assistance with the process, contact one of our leasing experts who can assist you throughout the process.

Queen Anne Condo Rental: $2,800

Photo Courtesy of queenannehighschool.com

Synced from Seattle Luxury Rentals Blog

This stunning top floor condo with panoramic views of Capitol Hill, downtown, and Puget Sound is now available for rent! This unit in the former Queen Anne High School Building offers an open floor plan with a high-end kitchen, hardwood floors, huge windows, and original slate chalk board from when this unit was a music classroom! Spacious master bedroom, + second bedroom or office, 1 full and 1 half bath, storage unit, and 2 assigned parking spots (one covered and one uncovered). Queen Anne High School is listed on the historical registry, a truly wonderful rental experience. For more information on this or other Seattle rentals, contact your local real estate agent today.

Status:	For Sale
Bed/Bath:	2/1.5
Price:	$2,800

Wall Street Investors Tap Into Seattle Rental Market

Syndicated from Seattle Luxury Rentals Blog.
First-time home buyers often save for years in order to amass enough cash for a down payment on a home, but in the past couple of years, potential buyers have found themselves outbid by Wall Street investors with no shortage of readily available cash. According to The Seattle Times, firms such as The Blackstone Group have formed subsidiaries that buy large numbers of entry-level homes, often for less than $300,000, and renovate them for the rentals market. These firms are often able to pay all cash and close on the property much more quickly than a regular home buyer could.
According to market researcher RealtyTrac, major investors made at least 7 percent of all single-family home purchases in the Seattle area in 2013, buying 3,100 homes throughout the year. Blackstone's Invitation Homes subsidiary alone bought at least 1,585 homes in 2013. Analysts do not see a slowdown in investor-purchased properties, and predict Wall Street could funnel $20 billion a year for the next few years into financing these purchases.
Neighbors who live near these homes are worried about the impact they will have on their neighborhoods as a whole, seeing investor-owned properties being neglected or violating housing laws or homeowner association rules. Some experts say these renovated properties could have an overall positive effect on neighborhood homes values, but that the increasing investor demand for rental properties could hurt regular home buyers by driving up prices.
For more information about Seattle rentals or real estate, contact your local real estate agent today.

Buying A Home In Seattle is 34% Cheaper Than Renting

High rent and high home prices in Seattle can often make it feel like the decision between buying and renting isn’t so cut and dry – either way you’re paying a premium for housing. But a new report from Trulia makes a strong case for home ownership, reporting that it is 34% cheaper to own a home than to rent in Seattle at today’s 4.5% mortgage rate. According to the report, mortgage rates would have to hit 9.3% before renting would be cheaper than buying in Seattle.
Nationally, home ownership is 38% cheaper than renting in all of the 100 largest metro areas, but in some extreme markets small changes in mortgage rates could tip the scales in favor of renting. For example, in Honolulu, a mortgage rate of 5% would make renting a better value, and a rate of 5.8% would make renting cheaper than owning in San Francisco.
Try Trulia’s Rent vs. Buy calculator to see how the numbers work out for you. If you’re interested in buying a home in the Seattle area, contact your local real estate agent.