As the second quarter of the year comes to a close, it
Published 5:07 pm Friday, June 27, 2014
As the second quarter of the year comes to a close, it looks like rising Seattle rent is truly the gift that keeps on giving.
Rent in town increased 4.1 percent this quarter, averaging out to $1,284 a month for an apartment, according to Apartment Insights Washington and Seattle Times. That’s an increase of $94 in half a year. At the high end, a one bed, one bath in Bellevue cost $1,912 a month, which is a lot of money for a place to sleep and poop privately.
Ballard, unsurprisingly, saw the steepest rent incline at 12.3 percent, making for an average month-to-month rent of $1,628. The neighborhood has seen an upswell in tenant protest about the rising rents, the most visible being the battle at Lockhaven Apartments, where a tenant named Michelle Kinnucan is now suing developer Goodman Real Estate for flipping the rents from $893 to upwards of $1500 a month.
At the same time, vacancy rates are at a nine-year low in King County, down to 4.2 percent, meaning even if you are Nick Hanauer, you’ll probably have a hard time finding a place.
Well, nah, Nick Hanauer actually just said he has “mutliple homes” and his “own plane.” Nevermind.
