Today’s news is all about rents. Curbed Seattle has done their monthly aggregation of the various sites comparing current rents to this time last year. Depending on which site you use (they all have different data sets and methodologies) rents are up anywhere from 5.6%-8.4%. The article also notes that according to Adobo, we’ve fallen out of the top 10 for most expensive cities in the country to rent. Frankly, that’s a ranking chart I’m happy to fall off of. Despite those increases in rent, the highest and fastest growing rents in the area aren’t in Seattle. Bellevue has higher rent, while Tacoma and Kent both have higher increases in rent. The latter are likely an effect of people being priced out of Seattle. The former is just another reminder that Bellevue is the region’s sleeping giant for real estate prices.
In legislative news related to renting, the “Fair Chance Housing Ordinance,” unanimously passed the city council. Designed to help address the city’s homelessness problem by reducing barriers to renting, the ordinance limits how prior convictions and arrests can be used as part of a rental application. The ordinance has many exceptions for small landlords, and focuses primarily on crimes with low recidivism rates.
The news is so busy elsewhere that it’s a little light on the real estate front. The ground got a bit shaky in parts of the state, due to fault activity that took place in Kitsap. Some people report having felt it in Bellevue. These were minor shakes that, experts say, don’t put us at risk for any of the big quakes everybody is waiting on.
Also, a rich Austrailian expressed opinions about millenials and avocados. Specifically, he cited avocado toast as the sort of thing millenials should give up in order to buy houses. I’m going to go ahead and say, as an industry professional, that avocados, toast, and the combination thereof have nothing to do with house purchase decisions made by the millenial portion of the public. In case you were worried about the great avocado threat to the housing market, go ahead and sleep easy. Everybody in the industry knows kombucha is the real threat.
There will not be a Wednesday links post next week, by the way. You’ll get two week’s worth on the 31st to make up for it.
This week I combined touring Mercer Island with doing leg work on a vacant lot for a client. It was pouring rain, and daylight was precious, so I opted to drive this time. Alas. And I ran into my first real crisis of carlessness when the car I’d reserved wasn’t there at the start of my window. Ack!
A quick phone call to Zip Car got me a reservation, slightly bumped back, for a car that was available, and I did my rounds in a BMW for the price of a Honda. And, despite the delays getting started, I parked the car right at the close of my original reservation window. I call that a success.
Stats for this week are a little wonky, though, since they include client time. Without the client work, I’d have probably done a bus/foot tour north of the canal.
Location: Mercer Island, Bellevue
Transit modes: Zip Car
Cats petted: 2
Tea consumed: 1 thermos
Properties Viewed: 6
Total cost: $24.56