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Old 11-28-2019, 10:33 AM
 
13 posts, read 6,725 times
Reputation: 33

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I had a studio (not luxury) in Capitol Hill in 2015 for $900/mo. The same exact apartment is now renting for $1800/mo.
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Old 11-28-2019, 10:36 AM
 
13 posts, read 6,725 times
Reputation: 33
I am surprised that Northgate got so popular rent-wise. Just a few years ago, it was considered semi-crummy, boring, and on the edge of Seattle (well, it is) where no one wants to live. Now its a prime neighborhood.
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Old 11-28-2019, 10:38 AM
 
13 posts, read 6,725 times
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I think the most shocking part of all this is how FAST it happened. Seems like Seattle was only semi-expensive in 2014 then within two yeara or less it skyrocketed. Usually it takes many years for most cities to accumulate such expense.
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Old 11-28-2019, 11:22 AM
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,062 posts, read 7,500,158 times
Reputation: 9788
Quote:
Originally Posted by folkguitarist555 View Post
Kills me how pathetically high the cost of living is in western WA. Just going to be more and more homeless, and more people struggling, and less and less middle class in western WA. And all this for what? But isn’t this the way all liberal cities trend?
What?!??
We haven't raised our rents (SLU, 3 years) & (CD, 2 years). I guess this make's us gd Conservatives; Going to lobby our PM for rent increases; Thinking 3% minimum. Jeez, each location has 2 people working, at Amazon.
Our personal home (Redmond, condo, 69/72age) is going to see a 4.25% HOA increase, 2020.
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Old 11-28-2019, 02:16 PM
 
905 posts, read 1,102,325 times
Reputation: 1186
Quote:
Originally Posted by cbg9876 View Post
I had a studio (not luxury) in Capitol Hill in 2015 for $900/mo. The same exact apartment is now renting for $1800/mo.
Wow. Was the building sold by any chance? There's a lot of studios out there that used to be around $850-1000/mo back around 2013/2014. A lot of them seem to be going for around $1200-$1450-ish or so now. But that's pretty crazy for one to double in 4 years.

A less extreme example, but I remember renting a 2bd/2bath (just shy of 1000 sq/ft) apartment in Federal Way w/one of my friends back around 2011-2012. We were paying $945/mo. The same place is now $1475 or $1525/mo last time I checked...
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Old 11-28-2019, 05:04 PM
 
Location: Independent Republic of Ballard
8,069 posts, read 8,361,243 times
Reputation: 6233
A good part of that is that most of those neighborhoods' rents started from a lower base - they were relatively affordable, but are now just somewhat less expensive. Also, as more and more professionals move into the core neighborhoods to shorten commutes, they are pushing others out, to the CD, Greenwood, Northgate, and Delridge. Light rail is also coming to Northgate, driving up the cost of housing faster than it can be built.

South Lake Union is a bit of a different case, with Amazoners piling on top of Amazoners.
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Old 11-28-2019, 05:08 PM
 
Location: southern california
61,288 posts, read 87,395,538 times
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There is a blessing in high rent -section 8 won’t move in and turn your complex into thug landia
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Old 11-28-2019, 05:15 PM
 
Location: Independent Republic of Ballard
8,069 posts, read 8,361,243 times
Reputation: 6233
Quote:
Originally Posted by leastprime View Post
What?!??
We haven't raised our rents (SLU, 3 years) & (CD, 2 years). I guess this make's us gd Conservatives; Going to lobby our PM for rent increases; Thinking 3% minimum. Jeez, each location has 2 people working, at Amazon.
Our personal home (Redmond, condo, 69/72age) is going to see a 4.25% HOA increase, 2020.
It is probably new buildings (towers in SLU) coming in at the top of the scale that are pulling average rents higher.

Any rent increase, of course, has to be balanced against the risk of a vacancy. Just one month empty will wipe out any gains. In general, I suspect rents might be topping off.
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