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SeattlebyDesign | Seattle Condos, Seattle Houseboats, Seattle Lofts, Seattle Waterfront and Seattle Real EstateSeattlebyDesign | Seattle Condos, Seattle Houseboats, Seattle Lofts, Seattle Waterfront and Seattle Real Estate

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Nearly 22% of Seattle’s Renters are Qualified Buyers

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MARC STILES REPORTED IN A RECENT PUGET SOUND BUSINESS JOURNAL  FEATURE THAT “MORE THAN A FIFTH OF RENTERS IN SEATTLE COULD AFFORD TO BUY HOUSES,” A FACT THAT IS CONTRIBUTING TO THE SEEMINGLY EVER-RISING COST TO RENT IN SEATTLE.

Seattle’s rent is currently growing faster than any other city in the U.S., this according to the Seattle Times as June 2015 vs. June 2016 rent comparisons revealed a staggering 9.7% increase. What’s more, “rents are soaring so fast that June’s 1.1 percent monthly price gain in the Seattle area beat out the growth that Chicago and Washington, D.C., have seen in an entire year.”
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Posted in: Rental Market Tagged: BizJournal, dean jones, Millennials, NEXUS, NEXUS Seattle, PSBJ, Puget Sound Business Journal, Rental Market, seattle, Seattle Times, Zillow

Is it Really Less Expensive to Own than Rent?

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Realogics Sotheby’s International Realty and Caliber Home Loans looked at average prices of newer condominiums and compared rents for comparable apartments. They found the total cost of ownership was effectively lower when factoring income tax deductions, not to mention the opportunity for capital appreciation. The research was performed as part of a recent think tank hosted by the Puget Sound Business Journal, which was published as a section called The Manhattanization of Seattle.

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Posted in: Financial, General Real Estate Information, Seattle, Uncategorized Tagged: #NoPlaceLikeOwn, dean jones, No Place Like Own, realogics sotheby's international realty, Rent vs. Buy, Rental Market

Market Watch Q3 2016 – Downtown Seattle Condominiums

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The in-city housing market in our Emerald City has a split personality. Buy or rent, the message is the same – it’s going to cost more and more to live here. This fact is reigniting the debate between renting and homeownership and developers are listening.

Downtown Seattle is a very robust rental market, which has welcomed more than 12,500 new construction units since 2011. Despite this massive increase in supply, economist Brian O’Connor says rents have still grown by more than 40-percent over this term due to an imbalance with supply and demand. According to Zumper, Seattle is now in the top ten most expensive rental markets in the nation with a median price of $1,800 per month (half are more, half are less) for one-bedroom apartments. Average rents of newer apartment towers downtown can demand $3.50 to $4.25 per square foot, per month. So a 600 sq. ft. one bedroom could easily cost a renter $2,100 to more than $2,500 per month. That kind of monthly payment could service a healthy mortgage. Recently, Zillow stated that 22-percent of Seattle’s renters can afford to buy. They have the incomes and credit scores to own, so why don’t they?
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Posted in: Condos, Downtown, Market Update Tagged: Condominiums, Downtown Seattle, Homeownership, market, Market Watch, Rent vs. Buy, Rental Market

Puget Sound Business Journal Says Nearly 22% of Seattle’s Renters are Qualified Homebuyers

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Marc Stiles reported in a recent Puget Sound Business Journal  feature that “More than a fifth of renters in Seattle could afford to buy houses,” a fact that is contributing to the seemingly ever-rising cost to rent in Seattle.

Seattle’s rent is currently growing faster than any other city in the U.S., this according to the Seattle Times as June 2015 vs. June 2016 rent comparisons revealed a staggering 9.7% increase. What’s more, “rents are soaring so fast that June’s 1.1 percent monthly price gain in the Seattle area beat out the growth that Chicago and Washington, D.C., have seen in an entire year.”
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Posted in: Rental Market, Seattle Tagged: BizJournals, dean jones, PSBJ, Puget Sound Business Journal, Rental Market, seattle, Seattle Real Estate, Seattle Times

Seattle Rentals Show Largest Increase in Nation

the colors of sunset grace the view from the patio of a newly constructed luxury home

A Zillow report released on July 22 shows Seattle rents rising faster than in any other U.S. city, increasing 9.7% from June 2015 to June 2016. Average monthly costs have risen nearly $500 over the last four years and have now exceeded the $2,000 mark for the first time in Seattle’s history. Although there has been nearly constant construction adding thousands of new units, the rental market continues to grow undeterred. In 2011, Seattle’s rent was about $300 more than the U.S. average; now, in 2016, it has more than doubled to $620 above the U.S. average.
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Posted in: Rental Market, Seattle Tagged: Monthly Rent, NEXUS, NEXUS Seattle, Rent, Rental Market, seattle, Seattle Times, seattlebydesign, Zillow

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