Is it a renters market or a landlords market after a bubble?

[urbanartist]

Many posters probably remember I all of a sudden found myself having to look for a new place to rent. Well, we did find a place but what journey. We were looking in the Ballard, Crown Hill, Greenwood area and ended up near Greenlake. During our search I was blown away by some of the rents people were trying to charge. It was pretty easy to tell the ones people were trying to get renters to pay for their home buying mistake. I mean really, I don't know to many landlords that put in designer features and granite counter tops in rental houses. Then others were trying to rent complete pits that should have been tear downs and they were trying to rent them for 1400 to 1700. I think there is some kind of new Photoshop fillter landlords are using on the pictures they post. When you see the actual house you're not sure you are looking at the same place. Anyway, I would like to know what are normal market rent prices after a bubble or a declining market? Are rents going to go down along with housing prices or do rents stay up for awhile?

[ira s]

Shortly after the bubble burst, rents were rising as sale prices were dropping. Most recently, rents have been dropping along with home prices. They just don't always go hand in hand, and both home prices and rents are still too high in the Seattle area, as far as I'm concerned. They didn't simply build too many uglyass tract homes in recent years, they also built too many apartment buildings as well.

[urbanartist]

Thanks Ira for the responses to may last two posts. I really appreciate the good info. Also thanks, I was thinking I had lost my mind. People looked at me like I was some relic from the past when I commented on how high rents are. Most people just figure that is how it is then they tell me now is the time to buy.

[Markor]

A lot of buildings under construction that were going to be condos will be apartments instead. Plus those landlords with their head in the clouds will have to face reality when they don't find fools.