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Seattle Rental Property - The Seattle Rental Property Market

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Seattle has been ranked in the final slot in the fifty most desirable places on earth to live (in the 2009 assessment done by Mercer, the British consulting firm). This is no real surprise, as Seattle became one of the most expensive and desirable places to live in the United States in the nineteen nineties and first seven years of the new millennium. Jobs were plentiful and increasing from the likes of Microsoft, Boeing, and Google, among many other companies. People moved into the area in record numbers, and their need for places to live drove rental prices to new all time highs for the Pacific Northwest capital. But with the housing market collapse and financial crises of the last few years came a shocking drop in employment, which pressured the sale and rental prices throughout the rainy city. As a result of this, the Seattle Rental property market has become far more reasonable in the last two years time.

The Seattle market has many rental houses, condos., and apartments from which to choose. The big city’s rental market does experience wild and sometimes violent swings in pricing. Although the great employment base has anchored the city and shielded it from some of the even more extreme price moving regions of the country, like Las Vegas, California, and Florida, it has begun to experience more of the boom and bust mentality in the years following the arrival of the new millennium.

When an individual, couple, or family are new to the area and are wondering when is the best time to begin searching for a place to rent, the truth is that between twenty to thirty days in advance of the move in date is the best time. This is because the Washington state law here requires residents to offer a twenty day vacating notice to their landlords. This notice is typically given on either the tenth or the eleventh of the month before the tenants vacate the property. The reason lies in the fact that twenty days notice is calculated every time, working back from the day that the rent is due, which is commonly on the first of every month. As a result of this interesting turn of events, the vast majority of what is newly available to rent becomes advertised between the first of the month and the fifteenth of the month.

Fortunately for Seattle renters who are leasing here, the average rent per month in the Seattle locale declined by a full 13.8% in 2009. This was the sharpest price decline seen in any major metropolitan area throughout the United States, per new data from AXIOMetrics, a Dallas based apartment market research company. On top of the significant rental price breaks, the Seattle area landlords have been forced to offer a generous 6% in concessions in order to garner the needed tenants for anything approaching the typical occupancy rates. This has caused the average rent for the month throughout the Seattle city apartments to fall to a reasonable $1,023 per month.

In light of all the current rental and market news, prospective renters in the Seattle area should consider which neighborhood or at least section of the city in which they will want to reside before they fine tune their particular rental search. There are so very many Seattle neighborhoods from which to choose. Below they are listed by area of the city of Seattle proper, as follows:

Central Seattle Neighborhoods

International District
Downtown
Central/Madison Valley
Capitol Hill
Pioneer Square
Belltown
First Hill
Eastlake
Madrona/Leschi
Magnolia
Madison Park
South Lake Union
Montlake
Queen Anne

NW Seattle Neighborhoods

Ballard
Crown Hill/Loyal Heights
Green Lake
Oak Tree
Greenwood
Fremont
Phinney Ridge
Haller Lake/Bitter Lake
Wallingford

NE Seattle Neighborhoods

University District
Laurelhurst/Windemere
Northgate
Lake City
Maple Leaf
Sand Point
Ravenna/Roosevelt
View Ridge/Wedgwood

SW Seattle Neighborhoods

West Seattle
South Park
Georgetown
White Center

SE Seattle Neighborhoods

Rainier Valley
Mt Baker
Rainier Beach
Seward Park
Columbia City
Beacon Hill/Holly Park

Eastside

Bellevue
Redmond
Other Eastside
Sammamish
Woodinville
Issaquah
Kirkland
Mercer Island
Medina/Clyde Hill
Renton
Newcastle

Although the various different areas and districts have different features and things to offer, the South West side of Seattle is said by some to be the better part in which to live. This is because it is a tightly knit community with many activities available and other choices offered. It does not cost any more to live in than the other Burroughs do.

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