For Rent in 98126>Question Details

Eric, Renter in 98126

What's the Seattle rental market like now?

Asked by Eric, 98126 Mon Jun 24, 2013

What's the best time of year to be looking for rentals in Seattle?

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Devi Tandavan, Residential Real Estate Broker’s answer
Thanks for asking, Eric. As you know, the rental market in Seattle in competitive and expensive, with the average 1 bedroom going for around $1220/month. New units are being built in Ballard and South Lake Union. However, regardless of the influx of new Amazon and Google employees and expansion of the rental market, the rates are not expected to ease up. Mortgage rates on "single family" homes are going up, too. This is actually still the best time to INVEST in a home you can call your own. Call or text 206-550-3682 for answers.
0 votes Thank Flag Link Mon Jun 24, 2013
The rental market in Seattle is pretty tight. Rents are forecast to rise 5% this year. (Seattle is ranked as a 'buy' city, BTW. That is, it's cheaper to own than rent.)

Best time of year to be looking for rentals? I'd say summer. A lot of people move between June and September. In a tight rental market the best time of year to look for rentals is SOON. Good luck.
2 votes Thank Flag Link Mon Jun 24, 2013
Here's my dilemma; maybe you can help me. I have a one year lease on a house which I have been in for two years in September. The owner is beginning what seems to be exploratory listing. They plan on listing the house from 7/10 to 8/10 (a short window). Not coincidentally, I am sure, 20 days after this period my lease expires (9/7, actually). They are willing to go month-to-month. I don't want to move out now and I don't want to get stuck having to move out in the middle of Winter. The options might be better now, rather than in the winter, but they also may not find a buyer right away. I've never been in this predicament. No more house rentals! I'm a long term tenant with no patience for short-term owners.
Any thoughts?
Flag Tue Jun 25, 2013
Hi Eric,
Rents are going up. Best to purchase a home, condo or townhome if you can. I can put you in contact with a mortgage lender who can get you pre-approved for financing. Then you will know exactly how much home you can afford to purchase.
0 votes Thank Flag Link Wed Apr 22, 2015
To be blunt, rental rates in Seattle are outrageous! Seattle is increasingly more expensive to rent in, many people are opting to buy to avoid being priced out of the rental market/city! If you're in the market to rent, spring/summer has the most availability, but there will also be more people looking to rent, which can make it more difficult. Good luck -Kjell
0 votes Thank Flag Link Tue Feb 11, 2014
On average, the monthly rental expenses rose up to more than $1,000. Many experts attribute this rise to the growth of the employment in Seattle, especially for Google and Amazon. Relocation of employees to Seattle has made the rental market quite high. Find out more at http://goo.gl/04wz6l
0 votes Thank Flag Link Mon Feb 10, 2014
i've found the rental market is good especially in certain areas...rentals go quickly especially if you price them right and your properties are in good condition...

marcia h chase
chase property management
0 votes Thank Flag Link Mon Jun 24, 2013
As Ray Akers says, tight. Tighter than a miser's wallet. Seasonal variations aren't going to help much; there's a rental housing shortage, and we don't know when it's going to ease up.

All the best,
0 votes Thank Flag Link Mon Jun 24, 2013
I would reply that it depends. On the neighborhood, your housing preferences, condo, flat, house, amenities, number of people and rooms. It is true that many rentals come available in the spring and summer. Your housing budget also plays a factor. There is a fast window for mid-priced properties, especially in the city. Waterfront, luxury and upscale properties are not as tight and there are many available now.

Another thing to consider is that a significant number of rentals become available in the fall. I echo Brandon's comment on Craigslist and caution you to be sure you are dealing with the owner/manager or designated rep before you have your heart set on something and rush to secure it with cash.

Better yet, work with a Realtor!
0 votes Thank Flag Link Mon Jun 24, 2013
It can depend on the neighborhoods in Seattle you are looking into, most are very hot right now. The summer generally has more inventory available but also more prospective tenants as well. Unfortunately if you are looking right now in Ballard, Fremont, Capitol Hill, etc. you can't do a lot of casual looking (taking a day or two to consider it). If you are serious, be prepared to apply and possibly provide a deposit as soon as you can.

Some tips when looking:

- Be sure you know the landlord's or management company's criteria before you apply.
- Use Craigslist, Trulia, Zillow or Hotpads to search. Careful of scams on Craigslist.
- If you're interested in finding a single family home and not familiar with the area, I recommend contacting a local agent like Ray or me to help you in your search.
0 votes Thank Flag Link Mon Jun 24, 2013
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