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Rents soar, blame the condos

By June 24, 2007


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.

I own and manage Urban Living, a boutique Seattle and Bellevue real estate brokerage. I love lofts, floating homes, new construction, and mid-century moderns, but I will help you buy or sell just about anything!

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