Should I expect rent to sky rocket at renewal next year? (Seattle: leases, how much)

[semidevil]

For reference, I moved into a 2bedroom at for about 2400/month. As I get near my renewal in April 2021, should I expect it to skyrocket to the levels of pre-covid?

I'm not asking how much it will go up because I know no one will know that.....but in general, if I locked in 2400 this year, and next year, 2bedroom leases are going at 3500, will my renewal also go to 3500, or is there a 'max/limit' on how much landlord can hike your rent on a single year?

[usernametaken]

My recent renewal rate was unchanged (pleasant surprise) after the major reduction last year (even greater surprise).

I think they have laws that if landlords raise rents beyond a certain percent (10%?), they have to give a much earlier notice to the tenant.

Any new variants they manage to exaggerate would change everything of course!

[usernametaken]

Update -- Good news for those renewing by Jan 15, 2022 as landlords will appreciate your reliability:

https://www.kuow.org/stories/seattle...nded-into-2022

[pnwguy2]

The Seattle market probably can’t afford to rise rents at this point. They are seeing less activity and this likely will continue through 2022, or even 2023 depending on the severity of the coming recession, predicted by most. Not a bad time to rent, and probably a time to negotiate your rent.

[primaltech]

My lease ends in late January, and I'm nervously wondering the same thing. I currently have a great deal, because there's a $400 "concession" every month built into my 14-month lease. So during this lease I'm not required to pay the actual rent, only required to pay the actual rent minus the $400. So effectively it's like a lower rent. But the problem with that, is that I know they will use the actual rent (that I'm not required to pay), as my actual current base rent when it comes time to renew.

So I'm sure they'll give me less concession or no more concession most likely, which if so would mean a $400 effective increase. Which then if they raise my rent any, then it would be more than $400. And I'm sure they won't lower the rent, that would be unheard of.

I see why they do it that way. Grr... I like my place, I don't want to move, but they may make me. I will definitely do it if it makes sense. I see rents are still low everywhere in Seattle as of now.

[jabogitlu]

Like someone else said, 10% or above requires a 60-day notice I believe. Otherwise there are no increase/growth caps on rents for a market rate unit.

Hard to say whether $2400 for 2 bedrooms is going to increase much depending on where you are in the city. In Cap Hill that is likely under market depending on your building vintage.

[Arcos]

Examine your lease for how much they would automatically increase the rent if the lease expired and you switched to a month-to-month, if it has such a clause. That may be good intel on how much they would be planning to increase it by, should you want to renew.

[pnwguy2]

The ultimate answer is to become an owner. Of course this is difficult for younger renters, but not impossible. I would focus on that if I were that age again. It makes so much difference in the long run. Sacrificing certain needs or wants sounds unpleasant but in the end will make you comfortable, or perhaps wealthy. Signed, old foggie.

[MechAndy]

I agree with that old foggie.

[oregonwoodsmoke]

There is no way that property taxes will not go up. The local government has had a lot of expenses the past two years. When the taxes go up, the rent goes up to cover the increased taxes.


All you are going to get are guesses and my guess is that your rent will go up no more than the going market rate.



Unless you have been a PITA, and then your rent might go up substantially to make it worth the nuisance of dealing with you.


Other than that, your rent is unlikely to go higher than market rate. Landlords are aware that tenants will move if they can find a better place cheaper.