Will Seattle apartment rental prices and hosuing prices ever become as high as San Francisco? (Bellingham: sale, 2015)

[annonymous0381]

Im keeping my fingers crossed that Seattle housing and apartment rental prices dont become as high as San Francisco in the next few years. If my $1300 a month one bedroom apartment in Northgate Seattle becomes $2,000 a month in the next 3 years im introuble.

How high can Seattle apartment and housing prices really go?? Not everyone in Seattle makes 6 figures a year working at Amazon.

[CrazyDonkey]

I think that Seattle apartment rents are starting to plateau, especially north of 85th. They won't keep going up because: "Not everyone in Seattle makes 6 figures a year working at Amazon." Just be ready to bargain, or move.

[annonymous0381]

Originally Posted by CrazyDonkey

I think that Seattle apartment rents are starting to plateau, especially north of 85th. They won't keep going up because: "Not everyone in Seattle makes 6 figures a year working at Amazon." Just be ready to bargain, or move.

Hopefully in North Seattle there will always be reasonablly priced apartments available

[homesinseattle]

I don't think that will happen.

[leastprime]

We are taking a cashflow loss on recently purchased condo. This will be our downsized home. Ideal location and home so we decided to buy now rather than chance it later.

Our rental Eastlake condo has a relatively low cap rate at purchase 2015 and would be a negative cashflow based on recent sale of condo within the complex.

[folkguitarist555]

Rents are already thru the roof here. They will continue to rise. There is no slowing down the rents and the high housing costs in western WA...from Olympia all the way to Bellingham. Its a cold fact.

[Hemlock140]

They will never catch up because SF will also continue to rise, keeping them ahead of Seattle. Seattle rent will probably average $3,500 in a few years, but by then SF will be $5,000. As long as there are good jobs, and people want to live here (and there) demand will exceed supply and prices will go up.

[JonasW]

Why wouldn't it? Developers keep building shoe boxes and Amabros keep filling them up. (These spaces are a disgrace for the rent.) Until Amazon has a much needed course correction it won't stop. Sad when you consider the majority in Seattle make nothing near the 6 figures needed to afford anything.

[James Bond 007]

I think Seattle will always be about 5-10 years behind SF in housing prices.

[CrazyDonkey]

Originally Posted by annonymous0381

Hopefully in North Seattle there will always be reasonablly priced apartments available

Adding supply at the top of the market initially pulled up average rents and, thus, real rents, as well. In the longer term, however, supply is being significantly increased, although almost all south of 65th. Significant increases in subsidized and "affordable" units is also in the works, which could draw renters from the bottom of the market. Continuing Boeing layoffs is also moderating or reducing demand, especially north of 85th. Vacation rentals are diverting supply from the regular rental market, but that is also mostly south of 65th.

Rents in Northgate, however, will likely be pulled up as the opening of the light rail station gets closer - see Columbia City, once an affordable area, but no more, as an example. For better rents going forward, look at Greenwood and Lake City. The best time to rent is June-July, with UW/NSCC students leaving, not August-September, with students returning.