Wow , rents are dropping in Seattle .... (Bellevue, Everett: real estate, apartments, rentals)

[dg628]

I’m seeing a lot of new construction or high end studios and even some 1 bedroom apartments for 1500-1700$ . Could’ve sworn a month ago it’s was like 2000-2200$.

I feel kind of stupid for not taking that electrical job where the dude offered me union pay for my skill level considering rents are dropping. I’m working again down here in San Diego but it’s just residential. If I could get a good commercial/ industrial apprentice gig up there I think I actually might consider a move up there just get some experience so I could come back down and be in a much better place financially instead of struggling.

It doesn’t matter how far down the toilet Seattle goes , you always need electricians. Even the apprentices too.

[cbg9876]

Huh? I think it's just unique to the units you happened to see or they are being built cheaper. I doubt average rent dropped but that could change rapidly at any moment.

Or was it not actually in Seattle but in a ghettolicious dump, like Everett or Tukwila? That'd make more sense although I'd make fun of anyone paying even $1000 for a 1 bedroom in places like that. lol The one eyed man in the land of the blind is king. :P

[dg628]

Originally Posted by cbg9876

Huh? I think it's just unique to the units you happened to see or they are being built cheaper. I doubt average rent dropped but that could change rapidly at any moment.

Or was it not actually in Seattle but in a ghettolicious dump, like Everett or Tukwila? That'd make more sense although I'd make fun of anyone paying even $1000 for a 1 bedroom in places like that. lol

No, they all had Seattle zip codes but maybe it’s all in the downtown or riot/hobo/ crime ridden areas ?

I’m sure it’s area dependent

I’m sure Bellevue rents havent dropped

I remember a lot of these being in the 2000$+ range mostly unless you wanted a micro ( jail cell) studio

[LogaKoga]

It seems many people who disparage renting hold the misconception rents always increase when that's not the case. Rent prices are determined by the market. When demand is high and supply is low rents are high or will increase. When supply is higher than demand rent will remain flat or decrease. Right now, it seems many are fleeing the city, so it makes sense that rents will remain flat or decrease.

[usernametaken]

Bellevue rents have dropped from what I and several friends have seen. In July they said 1.2 percent drop in Bellevue:

https://www.thestranger.com/slog/202...-nearly-enough

[CharlesRamon]

My lease renewal offer came in recently and it had stayed the same as previously. But, I noticed similar units were being offered for cheaper so I negotiated a decrease. I live in the ID and haven't checked rents in other areas but maybe they are going down because of the pandemic and economy.

[SusVelo]

Originally Posted by LogaKoga

It seems many people who disparage renting hold the misconception rents always increase when that's not the case. Rent prices are determined by the market. When demand is high and supply is low rents are high or will increase. When supply is higher than demand rent will remain flat or decrease. Right now, it seems many are fleeing the city, so it makes sense that rents will remain flat or decrease.

There was also a no rent increase thing from the Governor, so renewals wouldn’t be higher by law.

[leastprime]

We haven't raise rent in 4-5 years. Eastlake, secure parking and building.
Redmond flats new tenants rents, in new buildings, as 8-4 weeks sign on abatement. About 1000 additional units will hit in Jan 2021. CV delayed construction that was slated for this Aug-Sept/fall is now Jan.

[Flightoficarus87]

While I haven't noticed any significant decreases going on last time I checked, I'd venture to guess that COVID restrictions and more people working from home could be reducing demand for rentals in the most prime areas. I have noticed some rent stabilization/drops in West Seattle, but I'd argue that the WS bridge situation has more to do with that than anything else (and if they choose to replace the bridge instead of repair it, that might cause even more drops due to replacement being a 5-6 year project - which will be a serious problem when more people end working from home/return to work).

Key things to pay attention to going forward are if permanent WFH options become more common after COVID stuff is more under control (i.e - vaccine/cure available, fewer restrictions on gatherings), and also when we get a true idea of COVID's economic impacts later on. It takes some time for economic woes to reveal their true impact on real estate/rental prices, and we're only a good 5 months or so into the COVID mess.

[homesinseattle]

Originally Posted by cbg9876

Huh? I think it's just unique to the units you happened to see or they are being built cheaper. I doubt average rent dropped but that could change rapidly at any moment.

Or was it not actually in Seattle but in a ghettolicious dump, like Everett or Tukwila? That'd make more sense although I'd make fun of anyone paying even $1000 for a 1 bedroom in places like that. lol The one eyed man in the land of the blind is king. :P

You ever been to Historic North Everett (like 16th and Rucker and Grand Avenue bluff), Rucker Hill or Mukilteo Blvd parts of Everett? You should, they are really nice.