Statistics on Seattle's Rental Market

* Synced from Seattle Luxury Rentals
PubliCola has some interesting statistics on the Seattle rentals market, pulled from the April 1 city council planning committee meeting, where Mike Scott of the rental-market analysis firm Dupre+Scott gave his take on the situation. In summary:
- Supply and demand has affected rent fluctuation more than increased development has. According to Dupre+Scott, low housing supply has led to increased rents, and an excess of available apartments pushes rent down, in line with the classic supply and demand model.
- While average rent in the Seattle market as a whole has gone up in recent years, that is mostly due to the inclusion of newer apartment buildings that rent units at rates from $1,300 to $2,000 per month. Rents at older buildings (built before 2009 with rents between $800 and $1,300 per month) have actually risen at a slower rate than the cost of maintaining them has. The age of the building you choose to live in will often have a dramatic influence on what your rent will be: For apartments built in 1997 or earlier, the average rent is $1,100 per month, whereas rents in buildings newer than that average $1,700 per month.
- Think you’ll get more space for your money with those higher rents? Average square footage has actually decreased from 750 square feet in the mid-90s to 650 square feet today.
- More rental-housing development is happening in the city of Seattle than in the suburbs, and the trend seems to be toward smaller apartments in denser areas where public transportation is readily available and residents can walk to restaurants, coffee shops and grocery stores. In certain Seattle neighborhoods the number of apartments available for rent is growing by huge percentages. In Ballard, for example, the number of rental units available is expected to grow by 250 percent between 2009 and 2018, and downtown could see a 200 percent increase in the same time span.
Interested in renting in Seattle? Contact your local real estate agent for more information!

Market for Seattle Area Apartment Rentals Softening in 2014

The average rent for an apartment in the Seattle area rose to $1,214 a month in 2013. A new report suggests that rental prices will at least stabilize if not decline in 2014. Rental prices have dipped $5 and the number of vacancies is up which is a sign of the market softening. The Seattle metro area is experiencing its largest apartment building boom in the past 20 years. All of the upcoming vacant units will cause competition for tenants and slow the rent hike. Bellevue has the area’s most expensive rates for a one-bedroom apartment at $1,434 a month. Belltown, Denny Triangle and South Lake Union are the most expensive sub-markets with rates averaging $1,624 a month for a one-bedroom. The most expensive neighborhoods are Fremont/Wallingford ($1,514), Capitol Hill ($1,449) and First Hill ($1,421). Lower rents were found in North Seattle ($957). If you're searching for s Seattle Rental, contact your local real estate agent today.

67 Unit Apartment Building Possibly Planned for 3601 Greenwood Ave N

Puget Sound Reprographics has occupied the space located at 3601 Greenwood Ave N for some time, but since Ewing & Clark assisted selling the space last month, different plans have been floating around for the space, including a proposal for a 67 unit apartment building. According to the Daily Journal of Commerce, an LLC registered to John Graham of Graham Capital Group filed a proposal with the city seeking a 4 story apartment building, which would include 67 units, and 3,500 sf of commercial retail space.
The current building that sits on Greenwood Ave would be demolished with this plan, there will be a design review meeting that will take place on July 22nd in the Ballard Library. If you’d like more information on the property, visit the Daily Journal of Commerce.

Do you Have Loud Neighbors? Tips for Dealing With the Noise

If you’re renting an apartment, the reality of dealing with possible altercations from neighbors is always a possibility, and the reality of having to deal with a noisy neighbor at some point is very likely. Here are some helpful tips to dealing with the noise:
Confront your neighbor directly- and nicely- that you can hear their late night noise through your walls, and that you would appreciate it if they could keep the noise at a comfortable level after hours. It’s likely that your neighbor might not even know that they are being loud, and by bringing it to their attention, might resolve the issue right then and there. If you feel comfortable bringing it to their attention, it’s a good idea to come up with a compromise, so that you both feel comfortable for the outcome. Give them a heads up of your schedule, and when you’d like quiet hours, and ask them what their schedule looks like too so it feels like a two way deal. If you don’t feel comfortable confronting your neighbor directly, contact your management- if the noise is too much for you to deal with, it is a responsible decision to leave it to them to resolve the issue; after all, your landlord is the only one authorized to fix the situation. You should also check your lease, as most apartments have quiet hours in the evenings, and if your neighbors are breaking those rules, you’ll have even the more claim to contacting management. For more information on Seattle rentals, contact your local real estate agent today.

Walton Loft Apartments Coming to Belltown

The Schuster Group has scooped up land on the corner of First and Vine, and is planning a 132 unit 12 story apartment complex, with 75 underground parking stalls. Walton Lofts will be right across the street from the Millionaire’s Club, Bang Bang Cafe, and a hop skip and a jump to the Belltown Cottage Park (which played a role in the building’s design process) and Rudy’s Barber Shop.

Photo courtesy of the Schuster Group

The land is currently a parking lot at the corner of Vine Street, and VIA Architecture and Shoesmith Architects are the building designers. Vine street has been designated a “green street” along with 16 others around town, non arterial roads that are designated to providing pedestrian gathering spaces, and more trees and landscaping than other city blocks. Walton Lofts is planning to have trees and shrubs on site, and wider sidewalks along Western to create more hang out areas. For more information on the project, visit the Daily Journal of Commerce.

Does Your Rental Have an Ugly View? Tips For Disguising It!

The great thing about Seattle neighborhoods is that there is almost always a view of something beautiful around the corner from your home; but that can also mean that your direct view isn’t the greatest. Many rentals, especially those homes with rental basements or mother in law apartment rentals can have a view of a warped neighbor’s yard, or better yet your  unattractive neighbor’s living room, who without fail loves to do yoga in tiny neon spandex around the time your hosting happy hour. Thankfully Zillow has come to the rescue with some great ideas to disguise your unappealing view, and turn it around to something worth staring at.
Window coverings, such as curtains or shutters, especially when they’re working together can block out the background, and dress up the window area. Custom shades can run a little higher, but might be worth it for full coverage views. Also if replacing the window itself isn’t an option, a fun way to blur views is with decorative window film that is applied right to the glass, especially around the holidays! If you have a knack for plants, you could install some shelving in front of the windows and disperse with light craving plants. You could also create the same affect with a large hanging plant, or a large drooping vine. For more information on other tips to disguise your unsightly view, visit Zillow’s Tips & Advise Blog.

Pioneer Square Board Aproves 25 Story High Rise

The rumors circulating around downtown are true; the city board who has been in charge of keeping the historic presentation of Pioneer Square afloat, cast their votes and approved the modern sleek design of a 25-story apartment high rise just North of the Sodo stadiums. The all glass and steel tower will be sectioned into 2-4 story boxes, that will be positioned at varying angles. The building is part of a larger project named Stadium Place, in what previously was the North Parking Lot of Century Link Field.

Photo Courtesy of the Seattle Times, ZGF Architects

The collaborative developers Daniels Real Estate and R.D. Merril released the design the the public back in December and were met with mixed reviews, some stating that the design was far too modern to fit in with the historical appeal of Pioneer Square. But most members of the Pioneer Square Preservation Board actually had positive reviews of the design, and were all in agreeance with the new construction. The “South Tower” would be just a little shorter than the stadium, at 240 feet tall, and will have 333 units. Other projects are in the planning stages for the first phase of Stadium Place, such as a 20 story condo tower, and an office and hotel tower as well. For more information on these apartments, visit the Seattle Times.

Seattle Makes List of "Cities Where Rents are Rising the Most"

The folks on MSN Real Estate published a list of U.S. "cities where rents are rising the most", and not surprisingly, Seattle made the cut. Seattle was given the No. 9 slot, and it’s no wonder considering how hot the rental market currently is. The weak housing market coinciding with a decreasing (albeit slow) unemployment rate is forcing Seattleites into renting. If I remember the concepts of my microeconomics class correctly, then yes, it’s likely a large majority of renters will be seeing rent increases in the coming year(s). A recent Seattle Times article published in March revealed that vacancy rates fell to 4.9 percent, the lowest since 2007. Developers are also taking advantage of the trend with proposals for apartment buildings and complexes in multiple Seattle neighborhoods. For example, the Pine Street Group is planning a twin-tower complex in Denny Triangle, Schuster Group changed condo proposal plans to an apartment proposal set for Belltown, and Avalon Bay Communities plans to have two, seven-story apartment buildings in the U-District-just to name a few. Don’t fret, renters. If you’re phased by the increasing rents, consider finding rentals from private parties through agents or a listing database. Not to say their rates won’t reflect the current market, but they could be less likely to systematically raise rents which can often happen with large apartment buildings. Please follow the link if you’re a renter and searching for your perfect Seattle rental.

Seattle Rental Market Is Hot

It's great new if you are landlord and not if you are in the market for a Seattle rental. The article, Hot Apartment Market Settles in For a While, in the Seattle Times gives details about what is going on with the Seattle apartment market. Basically with less people owning their homes, whether they are scared to buy (debate per the article), they lost their home, or if they are just moving here and do not want to commit until they experience Seattle, the demand is going up for Seattle apartments. And that applies to the luxury rental market as well. For example, The Bravern, the Bellevue 440+ unit building that was converted from condos to apartments, is already half full even though not all the units were on the market until past October. In addition, the supply for rentals is increasing slowly since there are not as many apartments being built as there were in the past. According to the graphs on the article vacancy in King county apartments is down to 4.3% from 6.8% two years ago. In the same time period, average rent has gone from $1,015 to $1,045.

To get more details, read the article by clicking the link above. It is an interesting article if you are looking for a Seattle apartment or if you are a landlord.

New Apartments Near Fremont

Today, Prescott Homes of Kirland, a development LLC, purchased property between North 39th and 40th Streets in Seattle from Quality Food Centers (QFC). The property, which sits between Fremont and Wallingford on Stone Way, is essentially a giant hole. QFC had plans to develop, but trashed those because of the current economy. The property sold for $8 million and Prescott Homes plans to develop an apartment building after opting out of building a condo portion for QFC’s original plans. Last year, Prescott received a land-use permit for the apartments and last month, a permit for the foundation and garage. The proposed building will be 5-stories and house 150 apartments.

Colman Tower Design Approved

The Weber Thomson design proposal for the new Goodman Real Estate project, The Colman Tower Apartments, was unanimously approved this week by the Seattle Downtown Review Board. The proposal for a 6-story, 208-unit mixed-use apartment complex came earlier this year and is geared towards young, urban professionals. The building will feature rooftop amenities such as a terrace, dog run and common barbecues. The building’s interior will include a gym, lounge center, theatre room and game room. Goodman Real Estate has owned the property the tower will sit on for 10 years, and plans on developing 2,000 apartments in the Seattle area. These first 208 will be loft-style and an average of 700 sf in size. This is a good time for development as renters are on the rise. We hope this will help boost the real estate rental market in Seattle. The new construction and beautiful (proposed) building and almost-waterfront location at 888 Western Ave. next to Colman Dock should only make the project more successful.

Pnk Ultra Lounge-The Place to Be and Be scene!

Seattle’s newest lounge, Pnk has been the talk of the town since it first opened its door last month, Countless individuals, mostly young mid 20’s-30’s , go there from all over to get a piece of the new modern playground made for Seattleites and people alike. The lush Vegas atmosphere and hip ambiance creates a very trendy and certainly cool environment you sure won’t want to leave. This multi-million
dollar project was created with idea of “women” in mind. The owners Rob and Tammie Armijo created a perfect environment for the young urban professional women with 3 bars, 40 flat screens, 2 VIP areas, outdoor seating, and even a bar in the Women’s bathroom equipped with its own male bartender! Whether you’re male or female you’re sure to find a place at Pnk. Now open on the 4th floor of Pacific Place. Special thanks to our companies own, Erwin Park, for negotiating the lease. For more information about Pnk please visit their website www.pnkultralounge.com

New Apartments in Belltown

Just as the McGuire Apartments are headed to demolishment, a new apartment project is proposed for Belltown. The 17-2tory apartment building, to be called “Alto”, will be located on 3rd and Cedar. The expected 184-unit building ‘s construction will be the first of multiple proposals in Central Seattle in the last three years to start. The building will also have 2,700 sf of retail space. The developer, Harbor Properties (who is well known for Downtown’s Harbor Steps project) bought the land in March of last year, but decided not to build until the financial market had improved. The high demand for rentals in Seattle, especially among the younger populations in Belltown, has increased substantially in the past few years. As many of the projects in Belltown are condos, it is a nice change of pace to see some new apartment buildings. This will be the newest among a number of other buildings including 2300 Elliot, The Avalon, and Archstone Apartments, to name a few. The apartments will be aimed at middle-income renters as well, which is a plus for the younger population. Looks like Belltown living is back on the rise, as we expect the residential project from Goodman Real Estate (located on Western) to start in the near future as well.

Pyramid Living

Most of us have seen the Smith Tower located on 2nd Avenue in Pioneer Square. In the midst of many of the low rise buildings and condos in Pioneer Square lies the Smith Tower, a 1914 Seattle Landmark standing at 42 stories tall. It’s named after its builder, Burns Lyman Smith and it has a phenomenal observation desk on the 35th floor. What most of us in Seattle didn’t know until The New York Times brought recent attention to it was that a family currently lives in the pyramid-shape penthouse apartment near the top of the tower. The Lahaie family, Petra Franklin, David and their two daughters, have a long-term lease in the 1,750 sf, two bedroom, two bathroom downtown Seattle apartment. After the building was renovated in 1998, Ms. Franklin decided she wanted to live there-and that’s exactly what happened. Belltown and downtown Seattle living can be found where you least expect it. It just takes a little effort to find to find a rental or for sale property.

-Image courtesy of planetware.com

McGuire Apartment Tear Down

In a previous blog, agent Michelle McMahan wrote about the McGuire Apartments in Belltown. Yes, that building on 2nd and Wall surrounded by scaffolding, you’ve seen it. In April of this year, the first demolishment announcement was made after reports of structural problems and cable corrosion. Debate (details here) over who was at fault ensued and in the meantime, tenants were asked to vacate with monetary incentives for prompt vacation. Well according to the Daily Journal of Commerce, issues have been resolved and the property owner Carpenter’s Tower LLC and contractor McCarthy Building Companies Inc. have come to a decision-McGuire is good to go. To the ground, that is. Settlement terms and a tear-down date were not disclosed, but Belltowners can be sure that the building will undoubtedly be demolished. We can only hope that construction closures and the like won’t be affecting the surrounding roads and businesses too much.