Is Anyone Else Considering Leaving Seattle Because of High Rent?

[elkotronics]

Enter Twilight Zone music and cue in close on Rod Serling's face with the lit cig in his hand.

[CoffeeandNatureWalks]

Originally Posted by Seattlephil

I don't remember us having a convo of any sort so not sure why you're quoting me

Mea culpa - It was an unsuccessful effort to respond to your assumption that all who rent housing are doing so due to expenditures of high-priced vehicles, etc which they can't afford. It was posted with the understanding that the Seattle Area City-Data Forum was available as an open discussion with questions/responses and not merely a venue for one-to-one "convo" only.

As you were.

[mrman78]

Originally Posted by CoffeeandNatureWalks

My initial question about rent increases was coming from a curiosity to validate what (I believe) I am observing. The rental increase after last year's raise in cost truly surprised me. I'm not from this area, and as of this month, have no ties here. I appreciate the natural beauty of the PNW and feel thankful to be here for however long possible. It's not so easy to just pick up, pack a bag and leave. It was simply my desire to check in with other folks in the area questioning, "Do you see what I see? Or is this happening in other places and not only Seattle?"

Thanks to those posters who responded and shared of their experience with rental increases. I appreciate the feedback.

It is a trend nationwide, but definitely more so in Seattle the past few years. My rent went up 3.5% the first time (1 1/2 years after moving in) and another 9% a year later. I fully expect it to go up again this year too. Given they can technically raise the rent every month once on a month to month lease, I don't feel it has been outrageous so far - about $110 over three years - but it just depends on your landlord I guess. However, I moved here from Texas and the rental market here seems a lot more easy-going than there. Pretty much anywhere you rented you had to be locked in to a lease - if you went month to month, they would jack up your rent every month until you signed a lease. You could get in on 'specials', but the rent would almost always go up every new lease. Plus the rent would be cheaper the longer lease you signed. Also, you had to give 60 days notice to move, while here it's only 20-30 days. Honestly though, I've talked with friends back in Houston and rents in the decent areas of the city are actually fairly equal to what they are here now. Difference is, the apartments tend to be a bit bigger. But a new apartment in a good area in the heart of the city there is about what it is here for the same location. However, you also have to factor in what Seattle and the surrounding area has to offer and it's a much better deal here in my eyes! I do feel older apartments have a bigger disparity as some of the older rentals here are little overpriced - mine included! ;P

Anyway to live where I live on top of Queen Anne hill, it is WAY cheaper to rent bar none. There is no way I could pay what I'm paying now in rent to have a mortgage in the same general area. Renting lets you live somewhere you would otherwise not be able to afford to live in. Maybe in Mountlake Terrace it is cheaper to own than rent - but then you live in Mountlake Terrace, so of course housing is cheaper overall. Personally, I do not want the responsibility of owning a home right now and don't want to be stuck in one location if I don't have to be. I also don't want to wipe out my savings on a down payment. If you pay less than 20% you have to pay mortgage insurance, which a lot of people just don't want to do. Sure, you can gain equity if you own, but even once the house is paid off you still have 'rent' due to HOA fees, maintenance, property taxes, etc. Bottom line is, home ownership isn't for everyone. Renting doesn't mean throwing your money away unless you are paying a ridiculous amount of rent where you could own a home in the same location for that rent or less. You have to live somewhere, so ultimately you are paying for shelter and the freedom from home ownership responsibilities and the convenience of being able to move whenever you'd like.

Oh, and I drive a 2014 Mazda 3. That's about as luxurious as I go car-wise...

[revelated]

Originally Posted by Made_it_To_the_Metroplex

How does such a thing even happen? That's not even incremental, it's gouging. I love the Pacific NW, but is there really THAT much demand??

To my knowledge true rent control does not exist here.

I know when I first rented my townhome in 2012, it was $1500/month which was amazing compared to where I moved from (a two-bedroom smallish apartment in CA), but by the end of 2013 they were talking about well over $2500/month. I ended up pushing myself to just buy a house, primarily to stop the rampant increases. They kept trying to negotiate a lower rent to keep me, but even $1700/month with pretty much guaranteed increase was silly when my mortgage is around $1200 and will stay that way for X years. I don't regret the decision though it's been tough with a recent voluntary job change. If the worst were to happen I could always do bankruptcy and likely stay in the home. The same can't necessarily be said when renting.

In California the state limits how much rent can increase year over year. They can increase, but they can't really gouge you. I think in the entire time I rented that apartment it only went up about $100/month total, if I recall correctly, and that's over 3 years.

[angelenogirl]

If things are truly getting out of control, maybe some sort of rent control could be implemented. As it stands, landlords can raise rents here with no ceiling. With a huge influx of (evil, snaggletoothed) Californians who think these rents are cheap, the one promising thing they could bring with them is rent control. In CA it can't be more than 3.5% every year.

People seem to be clamoring for it, too. People are all fired up for rent control in Seattle - Puget Sound Business Journal

[Ira500]

Originally Posted by angelenogirl

If things are truly getting out of control, maybe some sort of rent control could be implemented. As it stands, landlords can raise rents here with no ceiling. With a huge influx of (evil, snaggletoothed) Californians who think these rents are cheap, the one promising thing they could bring with them is rent control. In CA it can't be more than 3.5% every year.

People seem to be clamoring for it, too. People are all fired up for rent control in Seattle - Puget Sound Business Journal

There isn't state wide rent control in CA, is there? I thought it was only in san Francisco and maybe a couple of other cities. In washington right now, rent control is prohibited by state law, and cities can't decide to enact it. It would require the approval of the Troglodyte( or are they Neanderthal?)state legislature, who can barely walk while breathing with their mouths closed.

[Steve Bowen]

Another issue is that there's as much of a consensus among economists that rent control does more harm than good as there is a consensus about anything among economists.

Talking about affordability in more general terms, has any city in the developed world after WWII gone from being a very expensive city to being a city with an average cost of living? I could be wrong but I don't think there are any examples of public policy actually making a city affordable. The cities with rent control tend to be the most expensive cities (NYC, SF, etc.)

Detroit may well be less expensive now than in 1960, adjusted for inflation, but that's because so many people just left, not because of any intentional public policy action. It makes it hard to evaluate policies that would make Seattle more affordable in the absence of best practices or historical examples. I'm not sure much can be done, other than building a lot more new housing.

[angelenogirl]

Originally Posted by Ira500

There isn't state wide rent control in CA, is there? I thought it was only in san Francisco and maybe a couple of other cities. In washington right now, rent control is prohibited by state law, and cities can't decide to enact it. It would require the approval of the Troglodyte( or are they Neanderthal?)state legislature, who can barely walk while breathing with their mouths closed.

I'm sorry, I should have clarified - all of L.A. county is rent controlled (with minor exceptions).