Seattle apartment rents have increase big time and more than they have in years. (Kent: condo, hotels)

[Arcos]

Originally Posted by jdhpa

My favorite option isn't on the list.

The big driver of high housing costs is a high density of jobs in a high income industry. Spread the jobs out over a wide area, housing demand will spread out as well, and costs will be affordable for middle income folks. So either an explicit limit on job density, or enough work from home that jobs and people spread out naturally.

If you dip into the article a bit, you will see that the plan also imagines jobs following the same development patterns. But I guess those would be more of the service industry jobs. But not all of them.

[leastprime]

I'd start looking around to see what is available.
Take up your mom's offer and invite her to help you look for options. Mom's love to shop for new digs, especially when it comes to a place big enough for her to visit you.

We are now at the age where investments are big risks and savings are negative yields. We might as well spend it on the Only. He's going to inherit what I (we) don't spend in our remaining time.
YHMV

[LookinForMayberry]

Originally Posted by annonymous0381

...
What's causing these high rents??

This is a capitalist society, and always has been. Rents are market-driven. It doesn't matter when your apartment was built, or even its condition, if someone else is willing to pay more for it, the rent goes up.

Your landlord bought income property to make a profit. As any business person, there are expenses including maintenance and repairs, labor to perform them, taxes based on the market value of the property. All those costs have raised. Landlords go into business to support themselves and their family, save for retirement, just like everyone else.

You live in an area where land is the major portion of the property value -- most do. Seattle has always been a land in demand area. I've lived in this region since 1990 and the area is pretty "bullet proof" when it comes to property values, even during the housing crisis ('08-'10) values did not go down.

I agree the local government could do more to foster a better economy for the working people, but the problem is that there are also a lot of people that think everything should stay the way it was when we had manufacturing jobs suited for working class. Now we are more of a tech industry based market, and it is hard to keep up with the changes. I, myself, as a former tech worker laid off in Spring of 2012 found my skillset was obsolete within four months. Modern living is a more stressful place, and there is no "kicking back and just doing my job" mentality. For us retirees, even a better economy doesn't help much. I feel your pain, but frankly if you cannot afford the rent increases, you will have to move.

[annonymous0381]

Originally Posted by leastprime

I'd start looking around to see what is available.
Take up your mom's offer and invite her to help you look for options. Mom's love to shop for new digs, especially when it comes to a place big enough for her to visit you.

We are now at the age where investments are big risks and savings are negative yields. We might as well spend it on the Only. He's going to inherit what I (we) don't spend in our remaining time.
YHMV

Im definatly going to take my moms offer.

[usernametaken]

Originally Posted by annonymous0381

On August 1st 2022 my rent increases to $1375 per month plus $60 per month for water and another $50 per month for parking. Electricity is also extra. If my rent in August 2023 goes up to $1700 it's not worth it.

I'd be better off buying a condo.

My mom said she would give me $500,000 cash to purchase a condo.

If you give me that $500,000, I will talk with your landlord and we will arrange so that your rent stays $1375 for the rest of your life, no matter how long you live. Am totally serious.

[annonymous0381]

Originally Posted by usernametaken

If you give me that $500,000, I will talk with your landlord and we will arrange so that your rent stays $1375 for the rest of your life, no matter how long you live. Am totally serious.

In August 2023 I'm probably going to purchase a condo with that money.

[primaltech]

I can only dream of having half a million in cash. I'd buy a small condo in the city for probably 400k or so, a used vehicle for maybe 20k or less (mainly for road trips), and put most of the rest in my 401k savings. My income would easily pay for taxes, HOA/utilities, food and cost of living, whatever other expenses. I'd be able to afford all the vacations, all the things I want to do, and I'd be able to retire at a normal age or earlier.

But alas, that is but a dream...

[annonymous0381]

Originally Posted by primaltech

I can only dream of having half a million in cash. I'd buy a small condo in the city for probably 400k or so, a used vehicle for maybe 20k or less (mainly for road trips), and put most of the rest in my 401k savings. My income would easily pay for taxes, HOA/utilities, food and cost of living, whatever other expenses. I'd be able to afford all the vacations, all the things I want to do, and I'd be able to retire at a normal age or earlier.

But alas, that is but a dream...

A year ago my parents bought me a brand new car. My life is so much easier with a car.

What areas of the city would you buy in in terms of safety??

[Ruth4Truth]

Originally Posted by jdhpa

Competition. When a large number of people want to live in a small area, it drives up the cost of housing as the people with more income are willing and able to pay more.
.

I don't buy this as a driver of such huge rent increases. Many apt. buildings in Seattle are half empty or 1/3 empty. There are so many new apt. buildings, they can't fill them all, and yet the "market rate" remains the same or goes up. Something's fishy there.

[Ruth4Truth]

Originally Posted by annonymous0381

A year ago my parents bought me a brand new car. My life is so much easier with a car.

What areas of the city would you buy in in terms of safety??

West Seattle might be nice. Maple leaf is safe, but may not have any condos, IDK. Do you want to be in Seattle? If you're flexible on that, you could look at Lake Forest Park.