Will apartment rental prices stable out in 2016 in Northgate seattle (Bellevue: low income, section 8)

[annonymous0381]

Currently I pay $1200 a month for a one bedroom apartment in Northgate Seattle. In my apartment building there is a unit similar to mine that will be available in late November. On this unit available in November they are asking $1250 per month for a one year lease instead of $1200 per month. I singed my lease in August 2015. I really really wonder what will happen to Northgate Seattle housing prices in 2016.

When my lease expires in July 2016 if the landlord raises my rent to $1400 a month or even $1300 a month I won't renew the lease. The apartment building next to my building just lowered the rent to $950 per month from $1050 per month.

When I went into my apartment managers office to pick up a package they told me that they expect apartment prices in the northgate area will continue to increase throught 2016. If this is the case why do I see apartments in greenlake,greenwood and Northgate with reduced prices for around $1,000 a month.


My apartment building in Northgate area is filled with disabled and other low income section 8 tenants. My family and friends wonder if my landlord is raising the rents to make up for the losses of the section 8 tenants.

Interestingly even though my landlord is asking $1250 and $1300 for one bedroom apartments like mine these apartments have remained vacant since September and its now November.

[CrazyDonkey]

I've noticed more apartments for $1,200 and under available in the Northend, especially in Northgate, Greenwood/Bitter Lake, Lake City, the University District, and scattered around. A lot of new supply has been added in North Seattle, plus demand might be slackening, due to layoffs at Microsoft and possible hiring slowdowns at Boeing and Amazon.

Of course, the landlord will want to raise your rent. Landlords only lower rents if they're forced to - they'll offer a "move-in" special before they'll lower the actual rent. When your lease is up for renewal, shop around - you might find a better deal.

[Gardyloo]

Have things really changed that much since you brought this up a month ago? Will apartment prices in Northgate Seattle skyrocket in the next year or two?

[Bolo99]

I do not think Northgate will skyrocket, but Seattle and Bellevue will definitely skyrocket in prices.

[CrazyDonkey]

Originally Posted by Bolo99

I do not think Northgate will skyrocket, but Seattle and Bellevue will definitely skyrocket in prices.

Only if demand remains strong. Amazon, although important, does not drive the Seattle-area economy by itself. Booms don't last forever.

[noah]

Sounds like a move is in your future if surrounding properites are lowering prices and your builidng is raising them. Not sure I follow your section 8 comment, if the demand is so great they wouldn't take a loss to accept section 8. Even taking section 8 doesnt mean you have to rent for a loss.

Originally Posted by annonymous0381

Currently I pay $1200 a month for a one bedroom apartment in Northgate Seattle. In my apartment building there is a unit similar to mine that will be available in late November. On this unit available in November they are asking $1250 per month for a one year lease instead of $1200 per month. I singed my lease in August 2015. I really really wonder what will happen to Northgate Seattle housing prices in 2016.

When my lease expires in July 2016 if the landlord raises my rent to $1400 a month or even $1300 a month I won't renew the lease. The apartment building next to my building just lowered the rent to $950 per month from $1050 per month.

When I went into my apartment managers office to pick up a package they told me that they expect apartment prices in the northgate area will continue to increase throught 2016. If this is the case why do I see apartments in greenlake,greenwood and Northgate with reduced prices for around $1,000 a month.


My apartment building in Northgate area is filled with disabled and other low income section 8 tenants. My family and friends wonder if my landlord is raising the rents to make up for the losses of the section 8 tenants.

Interestingly even though my landlord is asking $1250 and $1300 for one bedroom apartments like mine these apartments have remained vacant since September and its now November.

[CrazyDonkey]

Section 8 will pay over $1,200 for a 1-bdrm these days, by the way, so the landlord is not taking a loss on those units. If they are looking to raise rents, that could simply be because average "market" rents are still going up. On the other hand, they're not likely to hit you with a $200 rent increase, since Section 8 probably wouldn't pay it.

Note that, if average market rents stop going up, landlords could end up playing it safe, by offering more units at below average rents, to ensure not being stuck with empty units. If you're willing to pack up and move, it can pay to shop around rather than just mutely accepting a rent increase you think is too high.

[NoBounce]

Northgate will skyrocket...here's why...Light Rail will be connected to there by the end of 2017 making it easy to commute to U District, Capitol Hill, Downtown, and Seatac. Your landlord knows this. All the housing markets along light rail will go up except in the seedier areas along MLK Way.

[CrazyDonkey]

Originally Posted by NoBounce

Northgate will skyrocket...here's why...Light Rail will be connected to there by the end of 2017 making it easy to commute to U District, Capitol Hill, Downtown, and Seatac. Your landlord knows this. All the housing markets along light rail will go up except in the seedier areas along MLK Way.

Light rail to Northgate won't start running until 2021 , although that's less than five years away. In the meantime, while property values might go up, rents might not, or at least as fast.

[annonymous0381]

I'm starting to notice apartments in Greenwood or is it greenlake have gone down in price. The same as for the northgate area. Is it because its winter?

Some experts think rents in the Seattle area will stable out in 2016 because of all of the new apartments being built.