SEATTLE – SEATTLE – SEATTLE

Seattle’s “Fair Chance Ordinance” goes into effect on February 19, 2018.  This ordinance prohibits Seattle landlords from considering criminal history when screening a prospective tenant.  The only applicants who may be denied rental housing will be those listed on sex-offender registries because of adult convictions, and landlords denying housing to such people will still need to demonstrate a legitimate business reason for doing so.

Civil penalties for violations of this ordinance shall not exceed $11,000 for the first offense, $27,500 for second and $55,000 for the third in a seven-year period.  Tenants will have up to a year to file a 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.
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RENT TRENDING LOWER???

Apartments rents had the largest drop in in price in the last decade in December.  This is primarily due to the large number of new apartments opening in the area.  Brand new complexes are offering move in specials in order to get their properties filled.  According to a survey by Apartment Insights, this has resulted in a decrease in rent of 2.9%, or an average of $50/month, for apartment renters.  In and around downtown Seattle, the result is an average of $100/month.  Rents dipped more than 6% in the more popular areas of First Hill, downtown Seattle, Belltown, South Lake Union, Ballard, Redmond and the Sammamish/Issaquah area.

This decrease in apartment rental prices is impacting condo and single-family home rentals.  The question is, will it impact the sales market if rentals become more affordable?

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.
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TENANT MOVING OUT?

Tenants in Washington State are responsible for returning the rental to the condition it was in at the beginning of tenancy, minus normal wear and tear? The Landlord Tenant Act does not define normal wear and tear so tenants and landlords often disagree on whether work needed at move out is damage or normal wear and tear. Wear and tear will be greater over time. For example, wear of carpeting in a property where a tenant has lived for six years will be greater than wear after only six months. If a carpet is worn after months or years of normal walking, but there is no damage, it is just normal wear and tear. If the tenant spills something and stains the carpet, this can be considered damage. If the lease requires that the tenant complete certain work at move out, such as having the carpets professionally cleaned, the requirement is regardless of whether there is damage.

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.
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HAPPY NEW YEAR!

Wishing you and yours a happy, healthy and prosperous New Year!

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MERRY CHRISTMAS – HAPPY HANUKKAH

SNOWMAN AND SIGN WITH LOGO

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OREGON LAW – TENANT PROTECTION

A new Portland housing policy went into effect in October 2017.  The law requires landlords to pay tenant a relocation fee if tenants are evicted without cause or if they must move due to a rent increase of more than 10% in a 12-month period.  The fee can range from $2,900 to $4,500, depending on the number of bedrooms in the rental.  Landlords with only one rental and landlords who are moving back into their homes after an absence of three years or less are exempt.  Oregon is considering other measures to protect tenants.

If you own and rental or are listing a rental property for sale or lease, make sure you are aware of local and state laws.  This advice applies to all states and local jurisdictions. They are changing regularly!

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.
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THE GROWING RENTAL MARKET

Single-family rentals – either detached homes or townhomes – are developing faster than any other portion of the housing market. Single-family rental homes and townhomes make up 35% of the country’s 44 million rental units, compared with 31% in 2006. *

The majority of single-family renters are millennials:

  • Many put traveling as a priority and want flexibility in both job and home location.

  • Student loans and stagnant incomes make it harder to save for a down payment.

  • Those who came of age during the housing bubble may not see homeownership as the best way to invest their money. The number of renters aged over 55 grew by 28% between 2009 and 2015. From 2010 to 2016, single-family rental households in the U.S. increased by nearly 2 million; 1.26 million of those renters were 34 to 65 years old, while just under a half million werTenants at house sizede 65 or older.

Small-time landlords now dominate the market. Investors who have fewer than 10 units own 87% of all single-family rentals, while investors who have only one rental unit own 45%.

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.

*https://www.urban.org/urban-wire/five-things-might-surprise-you-about-fastest-growing-segment-housing-markethe

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HAPPY THANKSGIVING

Happy Thanksgiving 2014

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IT’S COLD OUTSIDE!

Now is a good time to prepare tenants and rental properties for cold weather!

Frozen House

  • Service HVAC systems.  Service techs should also make sure that tenants know how to change furnace filters.

  • Winterize sprinkler systems.

  • Put spigot covers on all outside faucets.

  • Tenants should know how to shut off the water to the property and who to contact if a pipe freezes.

  • Tenants also need to be reminded to keep heat on in the property at all times, including when out of the home.

We are here to help 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.

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SHORT SALES & RENTAL APPROVAL

It’s not the short sale in and of itself that’s going to hurt a rental Credit Reportapplicant, it’s the credit that’s, “shot to hell.”  We are required to have established criteria by which any potential tenant will be judged.  If tenants do not meet those criteria, we cannot rent to them.  The goal is to prevent discrimination – the same standards are applied to everyone rather than picking and choosing.  Applicants often want us to “hear their story” when their application is denied or they are required to provide an additional deposit or a co-signer.  While we often sympathize with applicants’ struggles, we can’t base decisions on that sympathy; we must consistently apply the quantifiable criteria without bias.

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.
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