Proper Rent

No More 1st Come 1st Served!
Good news for property owners. Seattle’s controversial law obligating a property owner to rent to the 1st potential tenant that met minimum requirements has been deemed unconstitutional.

We first wrote about this law 2 years ago and highlighted it as “a great example of a good idea (prevent discrimination) gone horribly wrong.” This law is akin to telling an employer that they must hire the first person to meet posted requirements. The law removed the ability for a property owner and manager to find the right tenant; and forced them to select the first tenant.

The fights not over yet, as lawyers expect an appeal from the city. Keep up to date with details on ProperRent and share your thoughts/feedback with us.

www.properrent.com/blog

Could Rent Control ever find its way to Seattle's rental market? Bills have been raised previously, but those have all been rejected fairly quick. A new effort may have a better chance of getting through. Representatives are working to introduce a bill to repeal Washington's state’s ban on rent control. Economists have said that rent control does more harm than good. Read more on our blog: www.properrent.com/blog

Stabilizing Rents? Not so fast..

Seattle has opened up more apartments in the past 5 years than the past 25 years combined, yet it hasn't helped to slow rent increases. Seattle rents have doubled over the last 5 years. Seattle Rents are still growing more than 3x the national average (according to Zillow study). In fact, a 2 Bedroom Unit in Seattle will cost more than $2,000/month.

​According to the Seattle Times, over the next year and half the inventory of available units will soar 17% in Seattle as 46,000 new units open. Perhaps this will be what finally starts to slow down rent increases...

Find out where we believe rents will go... continue the story on our blog: www.properrent.com/blog