Dupre Scott Apartment Advisors – Rental market & development trends.
I am learning many things from this post – which has been quoted by the Puget Sound Business Journal this morning.
1. Rents up!
Overall, including the addition of new construction over the past year, rents climbed the most in the in-city Seattle market, up 8.3% since September 2012. Excluding the new units added last year and so far this year, rents rose 5.1%.
The average in-city rent is $1,459, but that includes all unit types. The average one bedroom apartment is $1,417 and two bedroom two bath apartments average $2,210. Both of these averages are pumped up some by addition of new units. Rents in in-city properties built in the past half dozen years average $1,802 and $2,676 for one bedroom and two bedroom two bath apartments respectively.
I just rent out a 5BR split level earlier this year for $2,500. The property is in Maple Leaf, with great entertainment back porch and spacious bedrooms. Now I just feel I rented it out for too low..
As I mentioned before, I share my house with housemates. This is called a rooming house. I rent out the masters bedroom for $1,225, downstairs sunny basement room for $900, and a small bedroom for $550. Now I feel I am getting too little for them too.. Am I to greedy?
2. When to renew?
No matter how the market goes, you find Sept always a great time to list your property. You get the most rent and fastest contracts.
I found this report applicable for single family residence as well. The data may not reflect everything, but the trend in renter activities should be very close.