Urban Development, the Ultimate Recycling
As a real estate agent I find that more and more people are buying rather than renting, and this article just confirms that pattern. Renters are finding a strain on their budgets due to soaring rent costs, even with the added Seattle condos and apartments in recent years.
The article points out The Lyric, a new development in the Capitol Hill area with an average rate of $2,2000 per month. The biggest concern for renters is that even if they move out of the city, they are still paying about the same rates when they factor in transportation costs. Even without those costs, however, prices are higher no matter where they move.
The article also points out that Bellevue. Federal Way, and Everett rent costs have increased by $423, $361, and $295. Locals also fear that these prices are causing the long-term families to move out of the city, while people who are only interested in the community for a short period of time are moving in. I can only hope that with the increased amount of developments and the pattern of Seattleites moving away, more attention will be given towards this issue. For a look at the article and personal stories from renters, check out the link: