Are Seattle apartment prices finally cooling off? (Redmond: apartments, rental market)

[CrazyDonkey]

Originally Posted by Ruth4Truth

I'm glad you posted this, OP. This week someone from Wisconsin has been asking about apt. prices, and other posters were giving him exaggerated rental rates, almost like a scare tactic. I looked up rents in W Seattle and N-gate, and gave him rents that were a fraction of what others were saying, and you just confirmed that the rates I saw were spot on.


Yeah, the Northgate area is a great neighborhood, and the one just to the east, across 15th NE is, too. They're a couple of Seattle's hidden jewels, it seems. And people that discover that area can't understand why the rents or real estate is so much more affordable, because they're nice neighborhoods. I think Seattle's extremities, so to speak, the nabes farthest away from downtown, to the north and south, are where the cheaper rents are. It's all about proximity to downtown, it seems. But the north end is perfect for UW employees. Lots of faculty live out there.

More affordable apartments can also be found in Lake City and N. Greenwood/Bitter Lake.

[Ruth4Truth]

Originally Posted by CrazyDonkey

More affordable apartments can also be found in Lake City and N. Greenwood/Bitter Lake.

I'm sure. But N'gate and W Seattle seem like nicer neighborhoods to me.

[annonymous0381]

Originally Posted by Ruth4Truth

I'm glad you posted this, OP. This week someone from Wisconsin has been asking about apt. prices, and other posters were giving him exaggerated rental rates, almost like a scare tactic. I looked up rents in W Seattle and N-gate, and gave him rents that were a fraction of what others were saying, and you just confirmed that the rates I saw were spot on.


Yeah, the Northgate area is a great neighborhood, and the one just to the east, across 15th NE is, too. They're a couple of Seattle's hidden jewels, it seems. And people that discover that area can't understand why the rents or real estate is so much more affordable, because they're nice neighborhoods. I think Seattle's extremities, so to speak, the nabes farthest away from downtown, to the north and south, are where the cheaper rents are. It's all about proximity to downtown, it seems. But the north end is perfect for UW employees. Lots of faculty live out there.

Before I moved to Seattle Northgate from Los Angeles many posters on city data gave me very high rent prices just to scare me out of moving to Seattle. Seattle locales like to scare out of towners from moving here.

[AmFest]

Originally Posted by annonymous0381

Seattle locales like to scare out of towners from moving here.

Nope. Just a few posters on the Seattle city-data forum. This is not representative of Seattle locales.

[CrazyDonkey]

Originally Posted by annonymous0381

Before I moved to Seattle Northgate from Los Angeles many posters on city data gave me very high rent prices just to scare me out of moving to Seattle. Seattle locales like to scare out of towners from moving here.

They were throwing out average rents, which are skewed up by areas like Capitol Hill, Queen Anne, Ballard, Bellevue, etc. Some were self-selecting only neighborhoods where they would be willing to live, which aren't necessarily reflective of the whole.

I have noticed that rents in the "northend" of the Northend have moderated, with many more "reasonable" rents available now than, say, nine months ago. Some of that could be simply that demand for rentals peaks through spring-summer, while it sloughs off through fall-winter, but could also reflect landlords having overshot the market previously, and having to re-price due to being left holding vacant units. Job hiring might also have slowed, and layoffs increased, which can show up in the rental market pretty quick.

[ctr88]

I just moved from Cap Hill/CD area (around Union & 18th) to southern snohomish county and lowered my rent from $1,425 to $1,100 AND got a nicer, quieter apartment (1 bedroom). I had a good deal on my apartment as most decent 1 bed apartments in Cap Hill area with parking are going for $1,700-$2,100. I can afford the city but I'm pretty cheap when it comes to paying rent. This is when I love renting because you have great flexibility to try out different areas and lower your rent. You also don't have to dump tens of thousands into fixing up a house, don't have a large down payment tied up in a house, aren't stuck if you don't like the area you bought in, and the landlord takes all the risk. I'm so glad I didn't buy yet as I still don't know what area I want to buy in since I moved to Seattle in Jan 2013 (I have owned five different properties in my life). It's exciting to try out a different areas. After most of my adult life living in very urban downtown areas (San Fran, San Diego, Seattle) it's finally time for me to go more suburban or possibly more rural in the future. It's so nice now not to have see homeless people, druggies and whack jobs as I walk out of my front door or to hear constant roar of jet noise overhead on the approach to Seatac, and the endless construction on every block! And so nice to now see the trees as I drive around and outside my balcony. Enjoying less density. I work from home so don't have to worry about a commute. I also like being that much closer to the hiking/skiing/outdoors stuff off highway 2 and other points north.

I found the market a little looser than when I was last looking in Jan 2013. But I think it's the time of year as January is traditionally a slow time to rent. They are building a lot of units, but mostly Class A higher rent apartments. I don't think we will see an apartment crash as demand is very healthy and there is so much job creation in the Seattle metro. But it will be interesting to see how it all plays out. Very interesting if we eventually hit a recession or a tech slow down.

[ctr88]

Originally Posted by Ruth4Truth

I'm glad you posted this, OP. This week someone from Wisconsin has been asking about apt. prices, and other posters were giving him exaggerated rental rates, almost like a scare tactic. I looked up rents in W Seattle and N-gate, and gave him rents that were a fraction of what others were saying, and you just confirmed that the rates I saw were spot on.


Yeah, the Northgate area is a great neighborhood, and the one just to the east, across 15th NE is, too. They're a couple of Seattle's hidden jewels, it seems. And people that discover that area can't understand why the rents or real estate is so much more affordable, because they're nice neighborhoods. I think Seattle's extremities, so to speak, the nabes farthest away from downtown, to the north and south, are where the cheaper rents are. It's all about proximity to downtown, it seems. But the north end is perfect for UW employees. Lots of faculty live out there.

Ruth I know you do not live in the area any more and likely haven't looked for an apt here for years, so you are talking theoretical.

Coming from a guy who just spent two weeks looking and just moved....rents really vary greatly on what you want. There are a few 1 beds out there in the Seattle neighborhoods for $1,200-$1,300/mo but they are not going to be very nice and likely won't have parking. They will have 30-40 year old dated kitchens, bathrooms and often be on loud busy streets and that price won't include parking. The building might look a bit run down too. If you want something most consider "nice" and need parking, you are starting at about $1,450. West Seattle has some nice new stuff for around that. If you want a nicer updated place (with parking included) in Cap Hill, Ballard, Queen Anne you are looking at $1,700-$2,100 for a 1 bed.

Greenwood is not that cheap anymore at all. I looked around Lake City and just didn't like it all, still too dumpy and 522 is still such an eyesore to me. There are some nasty little pockets of Sec 8 apts still in Lake City still off 522. I don't care for Shoreline, Bitter Lake or Northgate very much either. Just giant apartment buildings with no character, no downtown areas, low end & very generic feel. Not a huge fan of the Northgate mall area.

[CrazyDonkey]

Originally Posted by ctr88

Greenwood is not that cheap anymore at all. I looked around Lake City and just didn't like it all, still too dumpy and 522 is still such an eyesore to me. There are some nasty little pockets of Sec 8 apts still in Lake City still off 522. I don't care for Shoreline, Bitter Lake or Northgate very much either. Just giant apartment buildings with no character, no downtown areas, low end & very generic feel. Not a huge fan of the Northgate mall area.

But those are the areas, in the Northend, where more "reasonable" rents are showing up, partly due to a good amount of supply, much of it dating back a decade or more. Not everyone needs or wants a slew of trendy coffee bars and boutique-y shops within walking distance, updated kitchens and snazzed up bathrooms, or to be surrounded by greenery. Maybe they just want a decent commute, good transit links, relatively low violent crime, and a decent (not usurious) rent.

[annonymous0381]

Originally Posted by ctr88

Ruth I know you do not live in the area any more and likely haven't looked for an apt here for years, so you are talking theoretical.

Coming from a guy who just spent two weeks looking and just moved....rents really vary greatly on what you want. There are a few 1 beds out there in the Seattle neighborhoods for $1,200-$1,300/mo but they are not going to be very nice and likely won't have parking. They will have 30-40 year old dated kitchens, bathrooms and often be on loud busy streets and that price won't include parking. The building might look a bit run down too. If you want something most consider "nice" and need parking, you are starting at about $1,450. West Seattle has some nice new stuff for around that. If you want a nicer updated place (with parking included) in Cap Hill, Ballard, Queen Anne you are looking at $1,700-$2,100 for a 1 bed.

Greenwood is not that cheap anymore at all. I looked around Lake City and just didn't like it all, still too dumpy and 522 is still such an eyesore to me. There are some nasty little pockets of Sec 8 apts still in Lake City still off 522. I don't care for Shoreline, Bitter Lake or Northgate very much either. Just giant apartment buildings with no character, no downtown areas, low end & very generic feel. Not a huge fan of the Northgate mall area.

My apartment building in Northgate has a brand new kitchen that was just renovated. My building is 20 years old. I love living in northgate.

[annonymous0381]

Originally Posted by ctr88

Ruth I know you do not live in the area any more and likely haven't looked for an apt here for years, so you are talking theoretical.

Coming from a guy who just spent two weeks looking and just moved....rents really vary greatly on what you want. There are a few 1 beds out there in the Seattle neighborhoods for $1,200-$1,300/mo but they are not going to be very nice and likely won't have parking. They will have 30-40 year old dated kitchens, bathrooms and often be on loud busy streets and that price won't include parking. The building might look a bit run down too. If you want something most consider "nice" and need parking, you are starting at about $1,450. West Seattle has some nice new stuff for around that. If you want a nicer updated place (with parking included) in Cap Hill, Ballard, Queen Anne you are looking at $1,700-$2,100 for a 1 bed.

Greenwood is not that cheap anymore at all. I looked around Lake City and just didn't like it all, still too dumpy and 522 is still such an eyesore to me. There are some nasty little pockets of Sec 8 apts still in Lake City still off 522. I don't care for Shoreline, Bitter Lake or Northgate very much either. Just giant apartment buildings with no character, no downtown areas, low end & very generic feel. Not a huge fan of the Northgate mall area.

My northgate apartment is on a quiet coldesac street. My bathroom is also recently renovated.