Here are rental statistics for Seattle, and King and Snohomish counties, for 2014 and a look into 2015. Rents in the 2 counties rose 8% in 2014, more than that in Seattle, up from a 6.5% rise in 2014. Approxiamtely 12,273 new apartments will open in 2015, but more than 45,000 jobs were added in 2014.
12-30-14 – Millennials will drive 2015 sales market
http://seattletimes.com/html/businesstechnology/2025348271_housingreviewxml.html
Home ownership rate 3-county at 61%.
2014: no month above 2 mos inventory – 10-year low in inventory. 1.5 mos in King County.
Millennials (1st time buyers? Born after 1980) will be biggest bloc of buyers, overtaking Gen X
$400k home 20% down @4% interest = $2k/mo (before tax deduct & princ paydown). Med rent KC = $1,750. No brainer.
18% of 3-county homes under water still. Another 18.5% have <20% equity.
King C med price up 6% in 14 to $440k. rose 14% in 13.
40% in king snoh in Apri to June 2014 sold over list.
Case-shiller for October (pub 12-30-14):
http://seattletimes.com/html/businesstechnology/2025344697_caseshillerxml.html
3-county prices up 6.2% from prev Oct. (20 cities up 4.5%. Back to fall 2004 prices, 16% below peak). 3-county 11% below peak. Homes in higher-price tiers closer to peak than lower-priced tiers. 3-county low tier still 20% below peak. Mid tier 13% below, upper tier 9% below.
12-29-14 – rent rises in 2014, look at 2015
12-29-14 — The Rental Market in 2014, and into 2015 – big rent rate rises the past 2 yrs
http://seattletimes.com/html/businesstechnology/2025341798_rentsq4xml.html
The aver rent for newly leased apartments in King- Snohomish jumped 8% for (2014) , but pace could ease in 2015 as an unprecedented 12,273 new apartments open up.
Was up 6.5% in 2013.
Seattle ave vacancy at 4.6% for (end of?) 2014. Was 4.9% in 2010, down to 4.0% in 2012.
> 45,000 new jobs in 2014 in king-snoh … 12,273 new apartment units will open in 2015, breaking 1989 record, in King-Snohomish, most in Seattle hot neighborhoods.
Dupre + Scott said from 2000 to 2013, collected revenue rose 3.7%/yr.
