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Local Rent Increases Predicted - KIRO 7 Story

TJ_98370TJ_98370
edited December 2007 in Seattle Real Estate
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Housing Slowdown Expected To Send Rents Higher

Scared Buyers + Scared Sellers = Increased Rents. Wow! Didn't see this one coming.

Odds are, they're going to hike your rent next year -- perhaps by more than you expected......

....Figures we obtained Friday show in the past three months, new renters have gobbled up 360,000 rental units nationwide, including several thousand in our region. Landlords can now afford to charge more.....

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Comments

  • redmondjpredmondjp
    Gee, another 'scare the renters into buying a home' story. I wonder (hmmm, mmmm) who could be behind stories like this?
  • mike2mike2
    While we have an oversupply of homes for sale currently, HERE it doesn't ever translate into an abundance of rentals, because the vacant homes are all being used as stables for the Pink Ponies.

    Unlike in other bubble markets where people start renting out their unsold units.
  • TJ_98370TJ_98370
    While we have an oversupply of homes for sale currently, HERE it doesn't ever translate into an abundance of rentals......

    I noted that flaw in their logic also. Apparently, the economic principles related to supply and demand do not apply in this situation.
  • mike2mike2
    Then there's this:

    new renters have gobbled up 360,000 rental units nationwide, including several thousand in our region.

    According to the Census Bureau there are 516,000 unsold new homes currently on the market. And of course, they're all empty.

    http://calculatedrisk.blogspot.com/2007 ... sales.html

    Are these "reporters" completely incapable of understanding the context of the subject on which they write?
  • explorerexplorer
    They have also overlooked that large rent increases have already been occuring in-city especially for the past 2 plus years!

    Obviously, this was designed to give hope to the hopeless....
  • uptownuptown
    Just do a search for "renovated" or "renovation" on Craigslist (apts/housing for rent). On top of the 2300 listings, many seem to be for multiple units in buildings that have been renovated recently. I think we are starting to see the beginning of a flood of units, that will magically return to the rental market!
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