Happy New Year from all of us at Seattle Rentals! It’s a whole new year; you’re no doubt back at work, and we’re back with the latest and greatest news from the past ten days or so: it’s Ten Days of Buzz, 2013 style. Let’s see what rental market news ushered in the New Year while we were clinking our champagne glasses, shall we?
“We are focusing on constructing our new projects in places that are close to transit. They’ll be located in mixed-use neighborhoods that have their needs within walking distance.”
Seattle Mayor Mike MicGinn. Seattle Spends 19.5 Million on 574 Affordable Apartments, the Seattle P.I., 12/20/2012.
“There could be as many as 2.3 million new renters between 2015 and 2020. The result will be an increasingly tighter rental markets and higher rents for many Americans.”
The Center for American Progress. Fiscal Cliff and the Housing Market: What Will Happen With My Rent or Mortgage if We Fall Off the Cliff, PolicyMic.com, 12/21/2012.
“Shipping containers will be used in a luxury multifamily home build. The containers will be converted and stacked to make a 4 story dwelling which will make 20 separate liveable units, each with ducted reverse cycle air and tankless water heating.”
Blogger timiepn. Shipping Containers Used in Multifamily Home Build, JetsonGreen.com, 12/24/2012.
“Smaller landlords are benefiting, too: Amazon employees account for 25 to 30 percent of the condo and house leases Seattle Rental Group has negotiated in close-in neighborhoods over the past five or six months, broker Ashley Hayes says.”
Eric Pryne, Seattle Times Business Reporter. Amazon Puts its Stamp on Downtown Seattle, SeattleTimes.com, 12/26/2012.
“Developers, bankers and investors spent tens of millions of dollars buying existing units and building new ones. …They are banking on sustained strong demand from renters, even as sales of single-family homes gain momentum, breaking a five-year slump.”
Michael DeMasi, Reporter for the Business Review. Rental Market Powers Abound, Bizjournals.com, 12/28/2012.
“Too many of us are trying to evict [bedbugs and cockroaches] with the wrong pesticides, and the Centers for Disease Control and Prevention has issued a health advisory, calling the issue an emerging national concern and citing a dramatic increase in the number of bedbug-related inquiries received by agencies.”
Sheila Hagar of the Walla Walla Union Bulletin. Don’t Let the Bedbug (Chemicals) Bite, Seattle Times, 12/29/2012.
“To think that the rental market could keep having record-breaking growth is just not realistic. [And yet] this is not a bubble that is going to burst. That would mean that the numbers we have seen were being propped up by something artificial, but that isn’t true.”
Gary L. Malin, President of Citi Habitats. The New York Rental Tide Subsides, NYTimes.com, 12/30/2012.
“Assuming current trends hold, over the rest of this decade, we will need at least 300,000 new apartments annually, and possibly as many as 400,000, to meet demand.”
Mark Obrinsky, Chief Economist for the National Multi Housing Council. Rental Market Outlook Positive, NuWire Investor, 1/1/2013.
…And that’s the news for today! All through the month, we’ll be reporting on forecasts for the year ahead, along with the things we can learn about the market as we put 2012 in our rearview mirrors. But for now, welcome to 2013. It looks like it could be a pretty great year!