Rents soar, blame the condos
Seattle Times, Rents soar through the roofs:
Average rents are up 12 percent on the Eastside this year, the highest rise ever recorded for that area.
In Seattle, it was 8 percent, below the modern record of 9 percent in the dot-com years.
Driving it all is a booming economy and the condo craze. So many apartments are being converted to condos that last year the region had a net loss of 4,000 rental units. This year we’re going to lose 3,000 more.
I know some of you gave me a hard time for not continuing to rent when I bought at Trace. However, I seriously looked for high end spaces for rent on Capitol Hill and came up short. If you’re looking in the $1500+/month category there is almost zero inventory and so I bought. Months later as rents continue to climb I really don’t have any regrets.