How Much Has Your Rent Increased? Rental Prices: Past and Present

Do you find yourself wondering what your rental cost would have been, had you moved into your basic one bedroom apartment 3 years ago? Me too! The cost of rent in the Greater Seattle area has steadily risen over the past few years without inventory changes, although builders are starting to pick up where they left off, and apartment building construction is now on the rise all over the city. If you were to take a look at the cost of living in your neighborhood, say in 2007, how much do you think your overall cost of living would change? Well we’ve got the results! Seattle Metropolitan has compiled a list of the stats and the changes might make you resent your non waterfront view home. For instance, the average cost of rent in the Ballard neighborhood back in 2007 was $755, and today the same unit costs around $1,188. Ouch! Take a peak at your neighborhood, you might wish you could rent a time machine.

Up and Coming Neighborhood for Renters & Buyers: Atlantic

The Atlantic neighborhood in Seattle, nestled in between Beacon Hill and Mt Baker is gaining popularity with younger home buyers and renters in recent months due to it’s convenient location, and up and coming amenities.

Not even five years ago, we remember when this neighborhood was experiencing mass redevelopment and construction of the 2nd I-90 bridge, leaving the Atlantic area is rubble, covered in a film of dirt. Left in the midst was abandoned housing, sky high dirt mounds and 23rd Ave S was closed to traffic for quite a stretch. Today the neighborhood is home to trendy bars and restaurants like Dallas BBQ Soul Food & Catering and Farestart Cafe, has a light rail stop, is in close proximity to downtown and the Eastside, and has several trails for bikers and runners; even has it’s own dog park! The neighborhood started looking promising to buyers and renters a decade ago and today affordable pricing plays a huge role in the deciding factor.  According to the Seattle Times, in February this year the median value of all single family homes in the area was estimated at $284,200, down 2.2% from the previous year. The median cost of rent in the neighborhood for a single family home was estimated at $1,674/mo, while apartments were estimated at $1,521/mo; up from the previous year, but significantly less than other areas around the city. If you’d like more information on for sale listings around the area visit Ewing & Clark, or find rentals around the neighborhood here.

Rent Continues to Rise as Home Prices Take a Dip

Remember the days when renting was cheaper than buying? While rental rates continue to soar, in many states across the country, home prices are starting to level off. According to CNN Money, home prices have declined 0.7% over the past 12 months, and the median rent for all types of homes was set at $1,350/mo in March. Several metro areas are raising their rents into the double digits across the nation. For example, in Sarasota, FL the average rent rose 12.9% year-over-year,  making it the largest jump out of the 100 largest metro areas according to real estate site, Trulia.
Metro neighborhoods where prices skyrocketed were able to do so because of a few similar factors, including a rising demand for a limited supply of rental units. The overall national vacancy rate for apartment complexes, fell 0.3% during the first quarter, dropping to it’s lowest rate since 2001. In contrast, the cost of buying a home has decreased  in several areas over the past 12 months, and mortgage rates are at an all-time low. If you’re looking to buy in the Seattle area, here is a list of exceptional homes in the Seattle luxury real estate market.  Many are still skeptical of the optimistic outlook, because there is a high percentage of Americans who aren’t able to look into buying a home at this time due to unemployment, low credit scores, etc and rental rates could continue to climb because of this factor. For an extended article, please visit CNN Money.