What does the year 2017 have instore for seattle apartment prices? (Tacoma: 2015, apartments)

[annonymous0381]

Even though i already have a 1 bedroom apartment in northgate seattle that i have lived in since july 2015 im just curious as to what 2017 will be for seattle apartment prices?? My lease doesnt expire until august 2017.

I feel really sorry for my old friends amd x girlfriend struggling in the san fernando valley region of los angeles,California unable to find a one bedroom apartment for less than $2,000 a month. A friend of my moms has a son in woodland hills,California paying $2200 a month for a basic one bedroom apartment.

In northgate seattle i pay $1200 a month for a one bedroom with a washer and dryer inside the unit. Currentlyy landlord is charging $1300 a month for units silar to mine now.

[DutchessCottonPuff]

In Tacoma . My rent went from $1070 last Jan to &1395 last month for a 2-2 - so in one year . That's not including the monthly parking and water sewer trash bill that goes with it just bare rent . Need to move but can't afford to since my husband got sick.

[Hemlock140]

There are many new high rise apartments being built that will be completed this year, but it won't help with prices. They will be in the $2,500-5,000 range. With so many people still moving here without the skills for the $100k+ jobs, the lower rent apartments will remain hard to find, and landlords will continue to raise the rent. I expect this to create more demand and higher rent in outlying areas, with longer commutes.

[noah]

Its been widely reported that 10,000 units will be coming on line this year, shattering the old record of 5,000 set in 2016...with another 12-13k units in 2018. Even though its high end apartments to some degree that will filter down and affect lower tier prices as other tiers will be forced to ask less as the top tier renters go to the new places. You can look at rents leveling or going down in other major cities as examples.

[homesinseattle]

Hard to imagine rents not continuing up, so many people are moving here. You may be buffered a bit from that in Northgate, as it isn't considered as desirable as some areas. In my opinion, this is silly as Northgate has a lot to offer.

[daberkow]

I don't think the Econ 101 supply and demand curve applies to housing in a city. Those 10,000 "luxury" apartments aren't appearing out of nowhere. While the vast majority of them may be in taller and taller buildings, somebody had to be displaced to make room for them, and those people will now be competing in less desirable neighborhoods and raising the prices on existing apartments. That coupled with the fact that somebody thought it was a good idea to build 10,000 apartments tells me that way more people are moving here from elsewhere.

The only way we are going to see price reductions in rents or purchase is if the economy tanks, or if the population predictions turn out to be way off and we are overbuilt.

[thatguy950]

OP comparing Northgate prices to SFV or Woodland Hills isn't a good comparison, prices in Seattle and LA are pretty much a push, and if you looked for anything in a more comparable area like Ballard you'd be paying those same SoCal prices (or more thanks to insane bidding wars in Seattle). Northgate=East LA where there are tons of things in the same price range you're currently paying, or less in fact.

[annonymous0381]

Originally Posted by homesinseattle

Hard to imagine rents not continuing up, so many people are moving here. You may be buffered a bit from that in Northgate, as it isn't considered as desirable as some areas. In my opinion, this is silly as Northgate has a lot to offer.

Thats right northgate does have alot to offer and its a convenient location. If people are too snobby not to live in northgate its their loss.

[annonymous0381]

Originally Posted by thatguy950

OP comparing Northgate prices to SFV or Woodland Hills isn't a good comparison, prices in Seattle and LA are pretty much a push, and if you looked for anything in a more comparable area like Ballard you'd be paying those same SoCal prices (or more thanks to insane bidding wars in Seattle). Northgate=East LA where there are tons of things in the same price range you're currently paying, or less in fact.

Northgate is a short bus ride or drive to Ballard.

[noah]

That makes sense except that everyone wanted a piece of the pie (meaning wanted to build new apartments with the easy money) that overbuilding can occur. We know this based on history and what is happening now in many large cities across the country. It may be in Seattle the population influx will continue so much that this won't be the case here but eventually things turn.

Originally Posted by daberkow

That coupled with the fact that somebody thought it was a good idea to build 10,000 apartments tells me that way more people are moving here from elsewhere.