Rising Rent in Seattle Means a Good Time to Build
Whether you’re calling it a crisis, a trend, or an opportunity, one thing is for sure: rent has been steadily rising in Seattle over the last five years, and swiftly becoming unreasonable for many people across basically every neighborhood. Zillow, an online real-estate database that examines trends in housing costs, shows that in the last two years the median rent for Seattle studio apartments has gone up $434 in Wallingford, $419 in Capitol Hill, and $306 in Ballard. It’s even affecting prices outside the city—the median monthly rent increase over two years for studios was $423 in Bellevue, $361 in Federal Way, and $295 in Everett. These changes are astronomical, and completely unaffordable for most people who aren’t working in the tech industry. And because Seattle has no rent control notices, landlords can—and do—instigate these sometimes $400 rent jumps with only 60 days of notice.
With the rental climate being both expensive and unpredictable, many people are looking to buy. Right now, Seattle is the ultimate seller’s market—even though prices are through the roof and show no sign of dropping, people are still clamoring to buy, paying well over asking price or putting down all-cash. If you have a property you’ve been hoping to develop, now is the time! Call UBuildIt about constructing a home that will be worth much more than its construction cost. And if you’re just hoping to put down roots of your own, rather than be buffeted by the whims of these exorbitant rental prices, now could be the perfect time to call UBuildIt about designing your dream home from the bottom up. Seattle’s population and housing demand is only going to keep rising, and owning a home now will be a good investment in your future.
If you’d like to take advantage of the current market and sell your existing home, you might want to consider a remodel. According to the Seattle Times real estate writer Bianca Torres, “Typically, new housing is priced more than older inventory because it’s new. But usually that means that older, outdated units are less expensive and become what people call ‘naturally affordable.’ In Seattle, many of those ‘naturally affordable’ units are seeing big rent increases because of high demand or because a new owner comes in and renovates.”
A UBuildIt remodel can help you get your house either up to code or just looking its best for better sale prospects. Just because your house is older doesn’t mean it has to fetch a lower market price. Call UBuildIt today, and we’ll collaborate with you to figure out what renovations are necessary to make your home as marketable as possible. And if you just want to spruce up your home because, in this market, buying a new one is impossible right now, we can help guide you through that, too!
When rent prices are high, and home sale prices are rising, it’s always a good time to build. Combined with our long bright days and lovely summer weather, what are you waiting for? Call UBuildIt about construction or renovation today!