Seattle's soaring rent

[meshugy]

For the first time, the city of Seattle has earned a spot in the $1,000 club. That means it now costs at least $1,000 per month to rent an average apartment in the city.

Seattle rent has been creeping higher and higher. In the past year, rental rates in Seattle jumped nine percent. And an average one-bedroom apartment, which used to rent for $925 per month, now rents for $1,004.

According to the survey by RealFacts research, only seven other West Coast cities have earned spots in the $1,000 club, and they're all in California. The survey says Tucson, Arizona offers the cheapest rent.

Rising rates have some renters running to the outskirts of Seattle - a move that clogs the commute.

"As much as I'd prefer to live here (in the city), I can't afford it. The cost of living is ridiculous," said one renter, Samson Grigorian.

Housing statistics show only about half the people who work in Seattle live in Seattle. Most of them have the lowest incomes, so they qualify for housing help.

The Seattle Housing Authority is trying to figure out how to keep the city from becoming a place where you have to either be really poor or really wealthy to live in.

When apartments become available, even studios at $1,000 a month, they're gone in a flash, according to leasing specialist Ashley Hayes.

"Things are more competitive and hard to find that place you're looking for," she said.

And renter Ryan Banks agrees.

"For what we were looking for, couldn't find anything for a while that we'd want to move into," he said.

[george]

* The article says rents are "soaring." It also says prices are "creeping" up. Which is it KOMO?
* The last time I checked, rents were barely keeping up with inflation - if that.
* People are being priced out of Seattle by the soaring housing costs, but in 2007 renting is a clear bargain compared to buying in most cases. You can do the math yourself. More on this here:
http://seattlebubble.com/forum/viewtopic.php?t=170
* When I see headlines like that in the local newspaper, I just look around at the advertisers and go hmmmmmm.

[sniglet]

[Ouch!]

[deejayoh]

[Lake Hills Renter]

[EastSider]

[Lionel]

The $1000 club. Wow. Impressive. You know who belongs to the 1,100 club? Paris? Boston? Vancouver? London? Uh, Compton. Yep, murder capital of the world has a higher rental rate than Seattle. But everyone wants to live in Compton.