Rent is supposedly stable in Seattle, but I’m seeing some pretty crazy rates in North Seattle at the moment, particularly in walkable locations with good public transit (Fremont, Wallingford, Phinney Ridge, Ravenna, Green Lake, etc.). In the past few springs and summers older 2 bedrooms have hovered around 2100 (a little more tired looking or in a basement, often with older carpet, sometimes no dishwasher, that kind of thing), “nicer” 2 bedroom rentals from small landlords around 2500-3000 (linoleum or wood floors, sunlight, new paint, etc.) usually including parking, and 2 bedrooms in new apartment buildings with gyms etc. around 3500 (+parking +fees). These days it looks like most nice 2 bedrooms in these areas are all going for more like 3500+ for long-term rentals. Am I crazy? What do folks think is going on? And why is the rental market so different in different parts of the city?
Some theories I’ve heard:
* Jobs are so uncertain that folks are staying in place so fewer apartments are opening up this year
* 2 bedrooms are an increasingly desirable layout (e.g. couples or families that used to fit in a 1 bedroom but can’t afford to buy a home) but most new builds are 1 bedrooms so the 2 bedroom market is increasingly squeezed
* FIFA is affecting the short term rental market which is indirectly influencing long term rentals too somehow?
* Tenant protections are discouraging some small landlords from renting their units or publicly posting apartments for rent
Would love to hear people’s thoughts on this!
submitted by /u/Huge_Plankton_91
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