Rents (Seattle: apartment, rent, evictions)

[flyingsaucermom]

Originally Posted by missc123

Either your under a lot of stress.or a rich person looking for property to buy.and you don't even live in wa

And either you are under a lot of stress or a poor person looking for property to rent and you don’t even live in WA.

[pnwguy2]

Rents are what the landlord thinks are at market value. It is as simple as that. There is no gauging. If there were, they would quickly start to have excessive vacancies. Economics 101.

That said, in ‘87 I paid 450 a month for a view apartment (downtown and Lake Union) on Capitol Hill. But that was 35 years ago. Times change. My best guess same apartment 2,000 to 2,300 today.

[Bluefox]

Originally Posted by pnwguy2

Rents are what the landlord thinks are at market value. It is as simple as that. There is no gauging. If there were, they would quickly start to have excessive vacancies. Economics 101.

That said, in ‘87 I paid 450 a month for a view apartment (downtown and Lake Union) on Capitol Hill. But that was 35 years ago. Times change. My best guess same apartment 2,000 to 2,300 today.

Sounds about right

[Ruth4Truth]

Originally Posted by pnwguy2

Rents are what the landlord thinks are at market value. It is as simple as that. There is no gauging. If there were, they would quickly start to have excessive vacancies. Economics 101.

That said, in ‘87 I paid 450 a month for a view apartment (downtown and Lake Union) on Capitol Hill. But that was 35 years ago. Times change. My best guess same apartment 2,000 to 2,300 today.

No, Economics 101 is no longer in play in much of the greater Seattle area. REIT-owned buildings set what they consider to be "market rate", and hold firm to those rates, even though many of their buildings are only half full, and have been for years, decades, even, in some instances. There appears to be price fixing going on. It needs to be investigated.

[pnwguy2]

Originally Posted by Ruth4Truth

No, Economics 101 is no longer in play in much of the greater Seattle area. REIT-owned buildings set what they consider to be "market rate", and hold firm to those rates, even though many of their buildings are only half full, and have been for years, decades, even, in some instances. There appears to be price fixing going on. It needs to be investigated.

Well I was speaking in general terms. I have not lived in Seattle for 32 years, so if that is going on it is new to me, and unfortunate.

[CrazyDonkey]

Originally Posted by missc123

Why so high?

For what?


Micro-Apartments, Apodments, Co-Living Units, and Smaller Studios (<400sf) are available for <$850.


https://www.zillow.com/b/cascade-cou...tle-wa-5XjQxK/


https://www.zillow.com/b/karsti-stud...tle-wa-Byq5FS/


https://www.zillow.com/b/horizon-gre...tle-wa-9VX6Zp/


https://www.zillow.com/homedetails/2...65631681_zpid/


https://www.zillow.com/homedetails/1...65640641_zpid/

[ScottStielow]

Low supply is the cost of Rent being so High. Same as us here on Oahu. Be happy you are not here looking to rentals.

[CrazyDonkey]

The real problem is that wages have remained stagnant, while real estate values have gone through the roof.

[Sockeye66]

Originally Posted by CrazyDonkey

The real problem is that wages have remained stagnant, while real estate values have gone through the roof.

Not the situation I'm seeing as a larger Puget Sound employer. Can't argue real estate values but wages have increased significantly the past year.

[Arcos]

Demographics also comes into play. After the 2008 credit crisis, nationwide there was a pullback in new housing, as I understand. And that is meeting with the period where millennials are now ready to buy, and also certainly renting. That’s a society wide issue that may not be anyone’s fault.

However, city by city, the problem is alleviated with more multi family housing and made worse by restrictive zoning.

I’d like to see zoning (and government incentives) where single family homes along busy, arterial roads, are converted to apartments with ground floor business space. I think that would add the benefits of sound dampening of traffic noise from those streets, to the residences behind.