Seattle's soaring rent
Seattle's soaring rent rate earns city spot in the $1,000 club
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.
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.
Comments
* 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.
Rising rents is the first sign of a weakening real-estate market. This is exactly what happened in California, Florida, and Arizona. Rents initially fall as everyone rushes to buy real-estate, and the mania grips everyone. Then, rents start to rise again as landlords take rentals off the market to cash in on the boom (i.e. the condo conversion is a prime inidcator of this trend) and increasing numbers of people decide they would like to rent rather than pay astronimcal prices for ownership.
This whole process will eventually revert, with many properties coming back on the rental market when owners can't find someone to buy them. This is exactly what happened in San Diego and Orange County.
And if he can find the same story repeated in multiple places, then even more fun can be had - because he can RE-post it, like this one.
Even better, when Tim has an open thread - then he gets to post in both the forums AND the blog.
I have no problem with bulls or bullish predictions if they are based on reason and data. But cherrypicking data and intentionally using hyperbole and large fonts are more propoganda than anything else, which is a waste of my time.
But to each his own.
The way I see this --- there's no fun if there's no one fighting for the other side