This afternoon I was interviewed by Rachel Belle with KIRO News Radio. The interview was primarily aimed at the rental market and what we (being investors/landlords and renters) should expect from this point forward. It will be airing tomorrow morning if you are interested in listening.
As I have said before, summer is our busiest time of year and the market is expected to tighten as we head into June. I have had several people inquire about my listings for July and August move-ins (listings that are unfortunately available NOW), but I anticipate July is going to be the most competitive month for finding that perfect apartment or condominium.
We are finally starting to see more and more new employees coming through the corporate channels- which is typical for May and June. This will bring in new BUYERS and RENTERS to the playing field as well.
Rental rates ARE increasing but I advise those landlords who are approaching the end of their lease terms not to overzealously increase rental amounts. If you take advantage of your current tenants you could risk loosing a month of rental income plus time and money spent on marketing. Even a vacancy of a week or two can potentially set you back!
In glancing over my listings…I am down to 2 Live2200 units! The rental market has settled a bit but I still see 37 units listed for sale on the MLS. (Aria- 4, Azur- 9, Arte- 24)
The spotlight has now shifted to The Cosmopolitan. Honestly, it is getting a little out of hand with the differences in pricing, the number of units for sale/rent and the competition- the games have just started! Tomorrow I will be listing 3 more condos in the Cosmo including a penthouse (that is absolutely phenomenal) so I will have 6 total units for lease. There are currently 64 condos listed for sale on the MLS!
Obviously these buildings affect the downtown/Belltown market (as well as the owners trying to rent/sale their units) but given the forecast ahead I think everything will even out during the summer months.
Please feel free to email me with any questions or leave comments if you would like to add anything to the topic.