Rents Coming Down Soon

[synthetik]

[explorer]

[deejayoh]

[Alan]

I'm changing rentals in July (I seemed to have signed a lease on a place that is just barely in what I can afford when I moved here a year ago).

Anyone have any advice on what I should look for?

Anyone have any leads on a good but cheap rental not too far from Microsoft on the Eastside?

We've been debating putting everything into storage and then living in a cheap hotel for a few months to get out of the summer market for our lease.

Any predictions on how long it is going to take for rents to fall?

[GetMeTheHellOutOfCA]

I think predicting where rents are going in Seattle is dependent on 2 factors. Firstly, the rental inventory on the market. Those predicting a decrease in rental prices claim speculators unable to sell / flip condos / SFRs will be forced to rent in order to partially cover mortgage or to sell at a loss. They point out the large number of condo projects and claim a significant % of Seattle sales are a result of speculation, most with suicide or risky loans.

The second factor is the number of people renting. THose seeing a tighter rental market claim people priced out of buying will defer purchasing or be unable to purhase and will rent. THese numbers will excede the available supply of rentals driving up rental prices.

I don't think anyone can claim to know which of these two forces will dominate and exactly how the supply and demand curves will shift in Seattle. Each region is different. For eaxample in SFO, rental prices are back to dot bomb day levels. In LA, arguable the epicenter of the housing bubble, my landlord increased my rent by 12%, providing me with the motivation I needed to buy a place.

[synthetik]