Tom Cain of Cain Inc. recently reported that the average vacancy rate for properties of 50 units or more in the King and Snohomish counties are currently sitting at 4.44%- just a slight drop from last year.

The lowest vacancy rate found in both counties was in Seattle’s First Hill neighborhood at 2.6%.  This could be attributed to the new hirings at Swedish Medical Center, the limited availability of newer apartment buildings, very convenient access to the downtown core/freeways and reasonable rental rates.

Cain also sited over 7,613 new apartments are under construction, 3,124 of which are located in Seattle- a 32% increase over the last quarter!

Click here to read more.

Come spring 2009, AvalonBay Communities will begin building an apartment complex on the west side of Lower Queen Anne between Harrison and West Thomas St. on 3rd Ave W- Avalon Queen Anne.  The building is slated to accommodated approximately 200 units, 247 parking stalls, 5,000 SF of retail space and will be designed by GGLO. After construction starts the building will take about 18 months to be completed and cost about $60 million to build.

AvalonBay had been building about one apartment complex in the Northwest every three years, but are wanting to create a larger presence in our market.   Avalon Queen Anne is one of 3, possibly 4 apartment buildings that will be built in the next two years…the others will be built in Kirkland, Bellevue and Ballard!  Click here to read more.

What once was Expo62 Condominiums is now Axis Apartments!  Located on the border of lower Queen Anne and Belltown at 123 2nd Ave, Axis is just steps away from the Key Arena, Seattle Space Needle, Pacific Science Center, The Experience Music Project, Boeing IMAX Theater, Marion Oliver McCaw Hall and the Pacific Northwest Ballet.  If you are looking for easy access to the waterfront-Myrtle Edwards Park, Olympic Sculpture Park, HWY 99, I-5 or downtown by bus- this location will be perfect for you!

Axis will soon be BUILT SMART certified by Seattle City Light and BUILD GREEN certified from the Master Builders Association. There are 7 stories and floorplans range from 459 square foot studios to 1,762 square foot 2 bedroom/2 bath penthouses.  Studios are priced starting at $1175, 1 bedrooms at $1450 and 2 bedrooms at $1810, most offering granite countertops, stainless steel appliances with gas stoves, hardwood floors and fireplaces.

The building itself offers a lobby with a mezzanine and library, a theater room, 24-hour fully equipped fitness center, business center and a rooftop garden with a pet care center!

Click here to visit the Axis Apartment website!

Low vacancies, rising rents and a cooling condo market has made Seattle’s apartment market more appealing to out-of-state investors, according to a report just released by Marcus & Millichap.

- Over 34,000 jobs are expected to open in 2008
- Vacancy rates are expected to be at 4.7% by the end of the year
- The average rental rate is expected to reach $1023 per month- a 6.2% increase from last year

Click here to read more!

Also, check out the National Apartment Association’s Housing Survey on how renter’s feel about our real estate market- 69% of renters plan on continue renting for as long as 5 more years!

According to DJC.com, Intracorp has just listed the 91-unit condo project, Domaine, for sale as apartments with Moran & Co.  (Click here to view their website listing)  FYI- Moran & Co also handled the transaction for First Hill’s M Street Apartments. 

Sounds like the name has now changed to “Lake Union View Apartments” (…pretty creative) and completion is set for this April.  I did notice that in the listing detail, the project is offered “as a pre-sale on an ‘as is, where is’ basis.”

If you are unfamiliar with the location, Domaine/Lake Union View Apartments is located on the eastside of Queen Anne off of Highway 99.  (Click here to view Domaine’s current website)

I have been contacted by at least 5 parties looking for 2 bedroom furnished condos to lease in the downtown area.  The price ranges are limitless so if you have your condo on the market for sale or a rental ready for a new tenant, give me a shout!

Generally furnished condos are a little harder to lease for longer terms (6-12 months) but it seems that there are a lot of people remodeling their current homes, moving to Seattle on temporary assignments or are leaving their homes and furnishings behind (while their home sits on the market!).

I had a listing convert today as well… https://www.seattlerentals.com/9238 , furnished for $3800 on a 6 month lease

RHA ……..Call to Action……..
December 14, 2007

UPDATE: Inspections in Seattle
Dear RHA Member,

The Seattle City Council’s, Urban Development and Planning Committee voted to unanimously support Resolution 31031, allowing for a study to analyze and recommend implementation strategies for a Seattle Rental housing inspection program. The rental housing industry is not a proponent of any type of rental housing inspection program.

We urge you to contact your Seattle City Councilmembers to voice your opposition and request the following amendments to Resolution 31031.

1. A task force be created that would structure the scope of the study and review and comment on the findings of the city’s inspection consultant. This task force should include representatives from the rental housing industry.

2. That the study also review and comment on the existing law and other models to include those:

- That target rental housing that is known to be substandard;
- Regarding boarding room housing;
- That strengthen the existing complaint-based system;
- Improve the ability of the City to enforce its retaliation ordinances;
- That educates tenants on their rights and responsibilities.

If the City of Seattle chooses to move forward with a study we hope the city of Seattle will make the stakeholders part of the process.

This will go to the full council on Monday, December 17, 2 p.m. at City Hall. You are welcome to attend this meeting.

A couple weeks back when I attended the IREM Forecast Breakfast, Mike Scott (from Dupre + Scott) talked a bit about the rental market and where it is heading.  The topic of conversation seemed to go a little like this…

Seattle’s economy is stronger than ever, apartment vacancy rates are down and rents are still on the rise, but come 2009 we should expect to see the rental market flatten a bit due to a large amount of new construction apartments entering the marketplace.      

The Seattle PI covered the topic today (and all the contributing factors) while announcing two new apartment high-rises that are well on the way.  

- The Olivian will be a 27-story luxury apartment building with 224 units located at 8th & Olive…right across the street from Olive8.
 
- The Aspira, which was first slated as condominiums, broke ground yesterday and will soon be a 37-story apartment tower located on the corner of Stewart & Terry Ave. 

Click here to read more

P.S. I am back!