Renting is Half as Affordable as Buying in the U.S.

*Synced from Seattle Luxury Rental Blog
If you’re a renter, think about the amount you write on that check every month. Is it inching toward 30 percent of your monthly income? According to a new report by Zillow, gone are the days when mortgage rates made home ownership prohibitively expensive and renting was the affordable option. They report that the average renter in the U.S. is spending 30 percent of their monthly earnings on housing, and Seattle renters spend a little more than 30 percent, according to the Puget Sound Business Journal. Owning a home can cut that percentage in half, as homeowners pay only about 15 percent of their monthly income on their mortgage. Historically, renters have paid about 25 percent of their income toward rent.
Rents in Seattle are up a staggering 21.5 percent over the past five years, and with incomes only having grown 10.4 percent over that same span, renters are increasingly burdened with monthly housing costs. With mortgage interest rates hovering around 4 percent, first-time buyers in the U.S. are only spending an average of 17.5 percent on housing, even with many only paying a 5 percent down payment. Zillow says that even if interest rates rose to 7 percent, buying a home would be more affordable than it has been historically.
So, if you are looking to save on monthly housing costs, start saving those pennies for a down payment! If you are interested in real estate in the Seattle area, contact your local agent today.

Attn Renter or Rental Owners: Now is the Time for Winter Maintenance

*Synced from Seattle Luxury Rentals Blog
Even if you live in a rental, the cold, wet weather of winter should prompt you to do some preventative maintenance on your home, both to limit your liability for any potential damage from the elements and to keep your home as comfortable as possible during the winter. Talk with your landlord, both to make sure they are performing their share of required maintenance, and also to find out what tasks are your responsibility.
The Rental Housing Association of Washington has several tips regarding what you can do as a renter to minimize damage to your unit this winter. If your lease requires you to perform yard maintenance, make sure you’re keeping the area around your foundation clear so excess moisture doesn’t build up and seep into the home (check with your landlord before you do anything beyond basic yard cleanup). Bag up fallen leaves and trim shrubs around the perimeter of your house. But don’t pull out that ladder just yet, as it should be the owner or landlord’s responsibility to make sure roofs are sound and gutters are draining correctly.
It is often the tenant’s responsibility to make sure smoke and carbon monoxide detectors are working, and during the season when more people are using their heat and having fires, it’s important to make sure these are operating correctly. Check your lease to determine if this is something you need to keep an eye on.
Especially in damp climates like ours in the Northwest, it’s important to pay attention to moisture levels inside your home, as well as outside. In the winter, when you’re more likely to have all your windows and doors closed, keep indoor air dry and circulating with fans, or occasionally crack a window to let some fresh air in. If you haven’t turned your heaters on yet, make sure they’re free of dust and move any belongings away from vents to minimize fire risk.
These tips should help ensure that you have a warm and uneventful winter in your rental! If you are interested in finding a rental property in Seattle, contact your local real estate agent today.

New SHA Program Would Raise Rents For Many In Subsidized Housing

*Synced from Seattle and Real Estate Blog

An article published yesterday by The Seattle Times outlines a proposed new program from the Seattle Housing Authority that would introduce progressive rent increases for about 35 percent of households that are part of the subsidized housing system. The program, titled “Stepping Forward”, aims to cycle more people out of subsidized housing by putting residents on the path to a higher wage through job counseling, and would raise rents accordingly over a span of six to eight years.
Stepping Forward would apply to 4,600 “work-able” households, which is defined by SHA as one where at least one person between the ages of 24 and 61 has no disabilities that prevent them from working. Currently, residents in subsidized housing pay 30 percent of their income for rent, but under the new plan rent would be based on home size rather than income. For example, potential rent for a one-bedroom apartment would be $140 per month for the first year of the program, $310 per month for years two and three, $480 per month for years four and five, and $720 per month for years six and seven. Different rent amounts would apply to studios, two bedrooms, etc. For households with no work-able adults, rent would continue to be a percentage of income.
Five community meetings being held in September will give the public a chance to comment on the proposal. All meetings are at 6:00 p.m. on the following dates:

- Wednesday, September 17 at the Yesler Community Center
- Monday, September 22 at the Rainier Community Center
- Tuesday, September 23 at the NewHolly Gathering Hall
- Monday, September 29 at the High Point Community Center
For more information on rentals or real estate in Seattle, contact your local real estate agent today.

Renton Rental Home: $3,995

Extraordinary Kennydale home with stunning views of Lake Washington. Great open floor plan with rich hardwood floors and walls of windows creating lots of bright light throughout. This updated home has everything, including granite counter-tops and stainless steel appliances and is an entertainers dream. TWO MASTER SUITES. No expense was spared when it comes to the tranquil and private backyard, it’s truly a masterpiece. Close to parks, beaches, boat launches, shopping, restaurants & minutes from 405. For more information on Seattle area rentals, contact your local real estate agent today.

Status:	For Rent
Bed//Bath:	4//3
Price:	$3,995

New Ordinance Aims To Establish Standards For Rentals

As many renters can attest, conditions in rental units can vary widely among properties, and getting repairs done can sometimes turn into a lengthy process, depending on the responsiveness of your landlord. The City of Seattle’s recently instituted Rental Registration & Inspection Ordinance is aiming to alleviate some of the worst conditions in rental properties in the city, after learning through the 2009 American Housing Survey that 10 percent of rental housing in the Seattle area has “moderate to severe” physical problems.
The ordinance will require all rental property owners to register their properties and hire either a City or private inspector to ensure their property is meeting minimum standards in areas such as smoke/carbon monoxide detectors, making sure broken or leaking windows, walls, and roofs are repaired, and making sure each unit does not have insects or rodents. The city has begun accepting registrations for properties, and registration will continue through 2016. Properties will be inspected at least once every 10 years thereafter.
According to The Seattle Times, owners are not required to register some types of rental properties, including units owned or managed by the government or a housing authority; housing associated with nursing homes and hospitals; transitional housing; housing associated with a religious order; or short term rentals such as vacation rentals and hotel rooms. The city is hoping this program will preserve quality of life in neighborhoods by educating all parties involved in renting units – landlords, renters and inspectors – to ensure everyone is on the same page in terms of what maintenance standards should be met.
For more information about Seattle rentals contact your local real estate agent today.

2,400 Micro-Apartments Planned For Seattle

*Synced from Seattle Luxury Rental Blog
Apodments, or micro-apartments have been trending in Seattle’s rental realm over the past year, with 700 units built in the city limits thus far. These mico units have appealed to the carless city dwellers who can fit the majority of their belongings in a 100-185 sf space. According to the Seattle Pi, that is roughly the size of a city parking space.
An estimated 2,400 additional units are in the works for the city of Seattle, in different stages of planning and permitting. The growing popularity of these units has caused a debate over whether these units are opening up opportunities for more affordable housing, or if they’re causing a surplus of tenants to migrate into already crowded neighborhoods. Seattle micro-units generally range from 100-185 sf, cost around $660/month, and usually a private bathroom, but many do not have kitchens or full kitchens. For more information on Seattle rentals, visit your local real estate agent today.

Trendy Rental Perks 2014

*Synced from Seattle Luxury Rentals Blog
If you’re on the prowl for a new rental home, chances are you’re looking for amenities such as new kitchen counter, hardwood flooring and more than one bathrooms, but there are also other perks to living in a shared community that renters today should consider when searching for the perfect rental. From basic perks like an on-site laundry facility and parking to fitness centers in the building, each renter should consider which amenities they’d like to have included with their rental home. Living in an apartment these days doesn’t mean you have to forfeit a yard or BBQ space; private backyards are becoming more commonplace in first level units, and are much larger than your standard unit’s patio. If this is something you’d enjoy (or your furry friend would enjoy!) you’ll typically see a price increase anywhere from $150-$200.
Like many Seattleites, I like to start my morning with piping hot latte – and it just so happens many of the apartment buildings in the area have an on-site cafe located in the lobby for your convenience. Is you morning workout important? Look for a building with an on-site community gym or a lovely pool (pictured right at the Olive 8), or if you like a nice summer BBQ, look for a building with a shared rooftop terrace. If you’re searching for a nice rental for you and your furry friend, pet friend amenities used to be difficult to find, but are becoming more commonplace in neighborhood buildings. Full-service pet spas and doggy-daycare  are located in many buildings for your convenience and your companions pleasure! Whatever your needs may be, it’s important to consider building amenities when searching for your next rental home. For more information on Seattle rentals, contact your local real estate agent today.

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!

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.

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.

Make Your Rental Feel Like A Home

Just because you live in a rental space doesn't mean that you have to feel like you are living in someone else's home. Adding a touch of "you" to the space will make it feel more special and like your own place. Before making changes be sure to talk with your landlord. Many landlords will be okay with certain changes if things are put back the way they were at the end of the lease or because those changes may make the space more desirable.
Sometimes you may have to negotiate certain changes such as painting walls. A new color on the walls could make the space feel more your style and the landlord may give the go ahead to paint in your choice of color as long as you repaint to the original color it was when you move out. You could also negotiate new appliances. If the landlord does not want to purchase new appliances, maybe if you offer to pay half the cost then they might be willing to do so.
Switching out light fixtures for more stylish ones such as hanging globes, chandeliers or sconces would be a great way to brighten the place up and add another touch of "you". Either changing the cupboard doors in the kitchen or removing them entirely is another way to update the place or make it feel more cozy. Something as simple as replacing door knobs is another way to add character. Be sure to keep the original doors and knobs or anything else you might change so that you can put everything back the way it was before moving out. Things such as removing metal blinds and replacing them with ones made of fabric or putting up curtains are something that could be negotiated with the next tenants. They may want to purchase them from you instead of using the metal blinds which usually make a space feel darker and like a rental.
Little touches here and there and new furniture from retailers or flea markets can make a big difference in making your rental feel like home. Remember that when looking for a rental, keep an open mind and see the potential.

Washington Park Rental: $4,995

This beautiful 4 bed 3 bath Washington Park home is now available for rent on the highly sought after McGilvra Blvd E. This home has glorious views of the Cascades and Lake Washington, sitting high above the street, with a panoramic view, with a great neighborhood presence. Features include traditional detailing finish work, high ceilings, large rooms and natural light. The dining room and kitchen open out to the private terrace level lawn area, and the master bedroom is located upstairs with a view balcony.  The home is conveniently located near the Lake, parks, restaurants, and shops. If your interested in this  or other Seattle rentals, contact your local real estate agent today.

Status:	For Rent
Bed/Bath:	4//3
Price:	$4,995

Tips to Receive Your Security Deposit Back

If you’ve rented before, you’re likely familiar with that awful feeling that even though you’ve hired a cleaner to clean the carpets, and mopped every inch of the rental, you’re not going to receive that security deposit back. You wait eagerly by the mailbox in hopes of receiving a check, and when it comes you’re shocked to find that you’ve only received $100 back – where did all of your money go? To prevent this from happening again, here are some tips from our friends over at Curbed Seattle, on how to receive as much of your deposit back as possible.
1) Read Your Entire Lease – Don’t just skim it, really dig deep for anything you should not be responsible for. Landlords cannot add anything in the lease claiming tenant responsibility to pay for any damages that are not your fault. If a non-refundable cleaning fee is to be paid, it must be stated in the lease.
2)Take photos when you move in – Be sure to capture any damages already in place before you move into your rental. Be sure you receive a checklist of all previous damages agreed upon by your landlord and you, and signed by both parties; also make sure your receive a copy of this document.
3) Give Your Landlord 14 Days to Deliver the Deposit – By WA Law, your landlord must deliver your deposit to you within 14 days after your move out date. If you do not receive the check within this time period, you have the right to sue for double the deposit amount. Be sure to give your landlord your current address, otherwise the fault may be deemed your own.

Downtown Condo Rental Available: $4,500

This sleek two story corner unit in downtown Seattle is now available for rent! Condo features soaring 18ft ceilings, wrap around floor to ceiling windows and active views, with a large private deck. Warm interiors feature elegant colors and cherry hardwood flooring. The designer kitchen with granite counters and stainless steel appliances make for an entertainer’s dream. Spacious Great Room with fireplace is perfect for entertaining (flat screen tv stays in unit!). The 2nd floor master suite has a large walk-in closet, five-piece master bath and office area/sitting room for your convenience. Tenant will also have a secure garage parking space. For more information on Seattle condo rentals, contact your local real estate agent today.

Status:	For Rent
Bed/Bath:	2,2
Price:	$4,500

Renter Competition is Stiff: Come Prepared With Renter Application Packet

These days Seattle rentals are few and far between, and in our competitive rental market bringing your checkbook ready to cash in the deposit no longer puts you on the top of the applicant stack. In other popular cities like San Francisco renters arriving at showings can expect a long line of other applicants already waiting at the door, so if you’re looking to be one step ahead of the game, putting together a renter application packet could be be your ticket to a new rental.

Downtown Seattle Rental: $4,500/Month

Get the following documents prepared before your rental showing:

• A copy of your ID: either a driver’s license or passport

• Proof of employment: A pay stub will suffice, but if you can get a letter from your employer confirming your employment that would be beneficial.

• Pay stub: Several landlords have minimum salary requirements, so having at least 3 of your most recent pay stubs is important.

• A bank statement: Having a bank statement available that indicates you are financially stable and capable of paying rent could be the difference between you and someone less prepared.

• References: Have a list of references, past landlords, past neighbors and business partners is a great way to enphasize that you are a responsible tenant.

• Rental Application, and fee: This is most important if you’re able to request the application prior to the showing. Some property management websites have these available for prospective tenants, and also having a check handy for the application fee will indicate your preparedness.

Make sure that you double check all of the application requirements prior to your showing if available, and don’t forget to bring your checkbook along with your completed renter application packet. Good luck on your rental hunt! If you’re interested in Seattle rentals, contact your local real estate agent today!

A Light In the Midst of a Goverment Shutdown

While we’re in the throws of a government shutdown, it’s a perfect time to shed some light on the things the government is powering up, such as the muncipally-owned Seattle City Light delivering cheap and green energy solutions to Seattle’s residential residents. Seattle City Light actually has one of the lowest residential rates compared to the top 25 largest cities in the nation, and delivers electricity while staying completely carbon neutral. Of the 100 largest utilities in the country, Seattle City Light has the 4th cheapest electric rates as well, and two of the three companies that are less expensive than Seattle (Iowa and Indiana) burn a significant amount of coal to make electricity. If your rental is powered by Seattle City Light, be thankful we have some of the cheapest cleaned power across the nation. Hooray! If you’re interested in Seattle Rentals, contact your residential agent today.

Rental Scammers Thriving in Seattle’s Hot Rental Market

You’re shopping for a new rental on Craigslist or Hotpads, and stumble upon a beautiful listing that is asking well below the market norm – you’re first thought is it’s too good to be true, but at that price who could resist? If you’ve seen these ads while browsing, usually cluttered with grammatical mistakes in the property description, you’ve likely had this same thought. A four bedroom bungalow in Ballard with a garage and hardwoods for $1,200/month?! Sounds like the deal of a lifetime in Seattle’s hot rental market. This listing seems too good to be true, and it certainly is; online rental scammers are thriving in the cut throat Seattle rental market, so be on the lookout for these similarities on your quest for the perfect rental. Scammers almost never list a local phone number, and generally send you an email in response about an urgent matter that leaves no other choice than to deal with all transactions long distance.

According to the Seattle Times, some of those who have fallen for rental scams have lots hundreds and in some cases thousands of dollars. Sometimes the fake landlord seems to check out alright, they might even have an email that is listed as the actual landlord’s name. Do not wire anyone any money, and make sure to look into the rental company before choosing a rental home. If you’re interested in Seattle rentals, contact your local real estate agent today.

Tips to Move Safely Into Your Rental Home

Moving into a rental home can be stressful and taxing on the mind and body, so preparing to move safely and efficiently is essential to getting everything unpacked on the big moving day.  Packing each box lightly, or light enough to be carried is a smart idea if you’re not looking to experience any back pain at the end of the day. Many think that shoving as much as possible into each box will make things easier with fewer boxes, but in fact it will only slow down the process, and you might end up hurting yourself or others if the boxes are too heavy to hold.It may sound strange, but doing some basic stretches before you begin moving will loosen up your muscles, and may prevent and pulled injuries or soreness the next day.
Prepare for your move by bringing proper tools and equipment with you – if you do not have a big crew to help move your boxes, bringing a dolly can really help things run smoothly, and make the move go by much quicker. If you’re moving larger appliances, an appliance dolly would also be useful. Taking a walk around the property a day or two before moving day might help spot any tricky areas and solutions for the move, like how you’re going to fit the couch that is too wide through the front? Maybe there is a back entrance that will be easier to move larger pieces of furniture. Remember to dress comfortable for the big move, and wear comfortable protective tennis shoes. It’s also perfectly ok to move at your own pace – don’t rush yourself too much, a safe move is a happy one. For more information on Seattle rentals, contact your local real estate agent today.

Tips to Organize Your Tiny Kitchen

Is your tiny kitchen cramping your style? We often drool over beautiful pictures of expansive kitchens in Pottery Barn catalogs with huge dining rooms, and enough counter space to prepare a meal for the Seahawks defensive line, but most of us come home every night to cook our meals in kitchens a small portion of that size. Small kitchens can easily become disorganized, and not enjoyable to cook in, so here are a few tips from Zillow to clearing out the clutter, and redesigning your kitchen to better suit your lifestyle. Be careful not to crowd your small kitchen with huge appliances- work around the refrigerator, there are several companies that make smaller sized equipment such as slender microwaves that can save counter space.
Efficient use of storage is also essential to keeping things tidy in a smaller kitchen, such as the use of recycle bins, spice drawers, and open shelving can also do wonders for aesthetic purposes. If you’re given the option to paint in your rental, painting the walls and ceiling the same light color can make the room appear larger than it actually is. Don’t have enough counter space for everything? Look into purchasing a rolling cart with a flat counter top and shelving below, that can be handy for cooking and extra storage, but can also be moved out of the kitchen when it is crowded. For more information on redesigning your kitchen space, visit Zillow.