RISING RENTS

The average rent across King and Snohomish counties dipped 2.9 percent in December compared with the prior quarter, according to a new quarterly landlord survey by Apartment Insights/RealData.

Rents across the region had soared 48 percent over the previous five years. The Seattle area led the nation in rent hikes in 2016 and early 2017, according to Zillow.

A separate Apartment Insights/RealData report found the average rent across Pierce, Kitsap and Thurston counties were up slightly from the previous quarter and grew 7.8 percent from the previous year, indicating the South Sound rental market is now significantly hotter than King County, even as it remains a much more affordable option.

While rents continue to drop in King and Snohomish counties, largely due to the number of new construction apartments, rents have increased in Pierce, Kitsap and Thurston counties.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

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Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.

Discriminatory Language in Deeds

Starting in the 1920s, many neighborhood covenants throughout the region allowed only white people to rent or own property. Fair housing laws made these covenants unenforceable in the 1960s, but a new state law allows owners to strike the them from property deeds.  As of January 1, a new law allows owners to file a request with the county auditor striking the discriminatory language from the deed. There’s no fee to file a “restrictive covenant modification” document, which legally strikes the provisions from the deed, although it does not physically erase the words.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.

 

HAPPY HOLIDAYS

“MERRY CHRISTMAS” OR “HAPPY HOLIDAYS” ???

Landlords and HOA boards must consider Fair Housing laws when considering what, if any, holiday displays they will permit in their communities.  A U.S. district court recently awarded a family $75,000 when the homeowner’s association prohibited a charitable event that would include decorating the home with approximately 200,000 lights, a live nativity with a camel, live music, hot chocolate, photos with Santa, and portable restrooms.  The judge cited the HOA president’s remarks, “I am somewhat hesitant in bringing up the fact that some of our residents are non-Christians or of another faith and I don’t even want to think of the problems that could bring up.”  Using religion as a reason turned this into a Fair Housing complaint.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.

TACOMA – NEW RENTAL LAW – 2019

The City of Tacoma has passed an ordinance regarding rentals. The new “Rental Housing Code” goes into effect February 1, 2019. 

The code: 

• Increases the number of days a landlord must give a tenant before terminating a tenancy;
• Requires a 60-day notice before raising rent;
• Depending on the length of the lease, allows tenants to pay deposits and last month’s rent in installments;
• Requires landlords to pay tenant relocation assistance in certain circumstances; and
• Requires landlords to provide tenants with specific information – which has not yet been created by the city.

There are stiff penalties for violations, including possible $500/day penalties.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication.Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.

HOARDING

Hoarding is officially recognized by the American Psychiatric Association as a mental disorder.  The Federal Fair Housing Act says that equal housing must be given to persons who are a member of a protected class, such as for those with a disability.  This, in turn, means that landlords must make,“reasonable accommodations” for a hoarder.  Landlords must also take action in situations where a tenant’s behavior may adversely affect the health, safety or welfare of other tenants.  Contacting an attorney well versed in Fair Housing laws would be prudent.  The health department may also be able to offer assistance.                                                                               

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!    

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.

HAPPY THANKSGIVING!

RENTAL APPROVAL?

The Fair Credit Reporting Act requires landlords to send written notice to a rental applicant not only if s/he is denied tenancy, but also when the tenant is conditionally approved.  An “adverse action notice” must be sent if any of the following occurs:

• An application is rejected

• An increased deposit is required

• Last month’s rent is required when normally not required

• A co-signer is required

The notice must include specific information regarding the applicant’s rights, which credit bureau was used and how the applicant can dispute the results.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication. Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.

MOST IMPORTANT RENTER GOALS!

The two most important factors for renters are location and price.  According to a study by Apartment Guide, 62% of renters place the greatest importance on location.  When searching online, 44% of renters are looking for a place that fits their budget and 29% are looking for a place that meets location needs.  While nothing is more important than price, neighborhood, utilities, square footage, pet friendly and specific amenities were also important. Only 14% of renters say they’re willing to compromise on location and 15% say they’ll compromise on price, but 29% are willing to compromise on size.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.

MONTH TO MONTH RENTAL AGREEMENT

At the end of a lease for a specific term, unless the lease is terminated, the lease automatically becomes a month-to-month rental agreement. All other terms of the initial lease remain in effect, even if no extension is put in writing.  Changes to the lease, including increases in rent, can be made with a 30-day notice.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.