Renting isn’t easy these days. During the second quarter of 2019, the demand for apartments increased by 11% from a year ago, which resulted in a 3% increase for the national average rent.
Business Insider reports that the average rent in Seattle for a one-bedroom apartment is $2,049. If $2,000 for a one-bedroom sounds expensive, that’s because it is. While Seattle apartments do cost less than those in Los Angeles (average rent $2,362) or San Francisco (average rent $3,600—yikes), they still rank among the most expensive rentals in the country.
Sorting through all of the information and making the best decision for your individual housing needs can make your head spin. Reach out to Pickett Street’s experts to talk through your living situation and your buying or selling options. Additionally, we’ve laid out a few clear facts below to help you get organized.
To rent or to buy:
Renting pros:
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You’ll pay less up front. And one perk about living in this area: a security deposit in Seattle cannot cost more than one month’s rent.
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You don’t have to worry about home maintenance.
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Seattle’s current apartment boom means that there are plenty of apartments available.
Renting cons:
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It’s not a long term investment—you won’t ever see that money you spend on rent again (insert money with wings emoji).
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You’re not in control of your living situation—landlords and rental companies ultimately control
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Washington State does not have rent control (insert grimacing face emoji!).
Buying pros:
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Where do we even begin?
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But seriously, buying a home is one of the best ways to earn money in the long term. If you need more inspiration regarding this statement, check out how Jon Linders started a real estate empire by age 30.
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Owning a home provides both housing security—no need to worry about hikes in rent or being randomly kicked out—and control—you get to make all the home improvement and maintenance decisions.
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Seattle and King County continue to enjoy a cooler market and a decrease in home prices. This means that the Seattle market is in buyers’ favor—you would be wise to buy now.(Tacoma and the South Sound region are a bit more competitive for buyers right now.)
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Buying gives you the opportunity to pay your mortgage and even earn passive income through this awesome home-buying hack that involves a duplex and an FHA rehab loan.
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Seattle is a really good place to invest in property right now. Seattle currently ranks ninth in U.S. News and World Report’s 2019 list of the best cities to live in in the U.S. Oh, and—no big deal—Washington ranks as the number one best state to live in.
Buying cons:
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With a down payment and other fees, buying a home does cost more up front.
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Buying a home can be a longer-term investment. If you only plan to live in the area for a year or two, for example, it’s probably best to rent.
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Owning a home involves maintenance work, which, depending on how you look at it, can count as either a disadvantage or a perk.
Take your time deciding which housing option is right for you. (And keep in mind those out-of-the-box real estate options, too!) For guidance from the experts, give Pickett Street a call at #425-502-5397, or send them an email at info@pickettstreet.com.