Is renting a home in Seattle right for you?

Whether you’re moving to the Seattle area for the first time, or you’re a local, doesn’t change the fact that starting to rent a home is a big decision. Depending on your income and lifestyle renting can be the perfect solution for you. However, it isn’t as simple as it may seem. It requires a lot of preparation and research in order to make sure it is the right step for you. If you’re unsure whether renting a home in Seattle is right for your needs, here are some key points made by some of the best movers in Seattle to help you get an idea about how it works.

The housing market in Seattle and the surrounding area

Seattle has one of the most competitive housing markets in the state. This applies to all of King County, especially Bellevue and neighboring suburbs. In March 2023, there is an increase in active listings. In February there were 894 new houses up for sale in Seattle, and 2,064 in King County. However, there has been a decrease in sales. This is mainly due to the high mortgage rates, and high median home prices.

After a 26% decrease in sales, prices are starting to reduce, but too little too, and too slow. This shows that the market still is a seller’s market. And even though sales are lower, the average time spent on the market is still only 43 days per home. The average home sells after only 26 days.

Since the market is unstable, a lot of homeowners are holding off on selling their houses. The offer is lower than the demand despite an increase in listings. However, as spring is coming, new homes will probably appear on the market. Currently, the median home price is around $750,000. If you decide to buy a house in Seattle or anywhere in King County, you should prepare yourself for a competitive market. On the other hand, if you’re a potential seller, now might be a great time to consider listing your home.

Renting trends in Seattle in 2023

Rent in Seattle saw one of the steepest declines since it dropped by 1% in February 2023. If you’re thinking about renting a home in Seattle, the most affordable option is a studio apartment with the average rent being $1,528 per month. A 1-bedroom apartment is $2,243 on average, while a 2-bedroom apartment will cost you $3,280 per month on average.

In general, 49% of rentals in Seattle and the surrounding area cost more than $2100. When it comes to the neighboring cities, Bellevue has the most expensive average rent, while according to movers Kirkland WA locals trust, Kirkland is one of the most affordable towns.

Benefits of renting a home in Seattle

If you’re considering renting a home in Seattle, first and foremost let’s take a look at what are the benefits of doing so. This can help you decide whether renting a place is the right option for your lifestyle and your needs.

Fast and straightforward process

Buying a house is a long and exhausting process that takes a long time to finalize. On the contrary, renting a home is very simple. As soon as you find a place you like, you can contact the landlord and arrange everything. Additionally, most rentals are fully furnished and you can move in right after you make a contract with your landlord. This can make renting a good temporary option if you have to relocate to Seattle before you manage to buy a house.

There are no maintenance costs

While buying a home comes with additional costs in terms of maintenance and repairs, if you rent a place your landlord will take care of this. If any damages or problems occur, or appliances stop working it is the responsibility of the landlord to fix it. This is a big financial benefit of renting since no unpredictable costs can occur during your stay.

More flexibility

Renting a place gives you more flexibility regarding where to live. Since buying a house in certain areas in Seattle is really expensive, deciding on renting can give you more opportunities when choosing the neighborhood or suburb to live in. This is especially important if you work in an area where you can’t afford to buy a house, but rent prices align with your budget.

Additionally, if you’re not ready to settle down, renting gives you enough flexibility. You could book moving services Seattle offers and move to a different home or even a different city when you wish. It is a great option for students who plan to move away after they graduate or aren’t financially stable enough to buy a house.

There are no real estate taxes

One more expense that homebuyers have to think about is property taxes. These taxes can be a big burden for homeowners, especially if they live in an area that has a high property tax rate. King County, which Seattle is a part of, has one of the highest median annual property tax payments in the state of Washington.

The tax rate is 1,05%, while the median annual payment is $6,328. Property taxes are something the landlord will take care of if you’re renting a home in Seattle so you don’t have to worry about property value and these complex calculations.

You have access to amenities

There are some amenities that homeowners have to pay for additionally, while they are included in the rent that tenants pay. Some of these luxuries include access to fitness centers and pools that a lot of middle and upper-class apartment buildings have. This can make your living situation more comfortable, and enjoyable for lower price rates than if you were to buy a house.

You have the option to downsize

Sometimes life events such as losing a job or expanding your family can tighten your budget. If you’re a homeowner cutting costs can be more difficult than if you’re a tenant. While your lease binds you for a certain amount of time after it ends you can cancel it and look for a more affordable home after hiring movers Redmond WA has. This can be really comforting to know, especially for young families, retirees, or young professionals who aren’t financially stable enough yet.

There is no down payment

Buying a home requires a lot of money upfront, which can be an issue for many people especially considering how expensive Seattle’s real estate market has gotten in recent years. Most commonly, the only upfront payment is a security deposit that many landlords require.

It is usually the price of one month’s rent, and it is given back after the lease ends if no damage has been done to the home. On the other hand, homeowners need to pay a lot more as a downpayment. If you’re not looking to spend that amount of money, renting a home in Seattle might be a better option for you.

Downsides to renting

Before renting a home in Seattle it is vital to consider some of the disadvantages of it. This will help you decide whether these downsides are going to be a problem for your lifestyle or if they’re something you can handle.

You’re not building equity

Equity is the amount of home you own that is built by paying off your mortgage. While mortgage payments may be more expensive than monthly rent, they come with some benefits. When you’re a tenant the money you spend on rent isn’t getting you any long-term benefits as opposed to the money you would spend on a mortgage. The equity you build can be used as leverage if you need to sell the house or get a loan at some point.

Additionally, your Seattle property may gain value over time, so being a homebuyer is a good investment. On the other hand, your rent may even increase when you review the lease since the Seattle housing market is growing and the prices are only expected to keep increasing.

Lack of stability and control

Owning your home gives you more stability than renting. One of the problems stems from the fact that your landlord can always evict you from the house with a 30-day notice. If you have been living there for some time, this can be a big stressor. You need to quickly find a new place to live and move your belongings. One solution may be to use self storage in Seattle for your items while you’re between homes. Besides, after your lease expires, the landlord can increase rent.

If you’re renting a home, sometimes you don’t have enough control over your living situation. Your landlord may have strict policies regarding renovations or having pets. It can be difficult to make the house feel like home if you’re not allowed to decorate the place. Lastly, a big problem that tenants face is irresponsible landlords. It can be unpleasant when you’re paying for a home that the owner doesn’t properly maintain.

Renting vs. buying

Buying a home is a dream for many people and a major life event. However, it is a huge decision that will affect not only your finances but the rest of your lifestyle, as well. Before choosing between renting and homebuying it is crucial to thoroughly research both options and their pros and cons. In terms of similarities, whichever you choose you will need a certain amount of financial stability as well as a regular income to cover the necessary costs.

Overall, buying a house is more expensive, but it is also an investment that can pay off in the future. It requires more responsibility while renting gives you more flexibility, and it is more affordable upfront. Neither is better than the other, it just comes down to which one fits your needs and lifestyle. Here are some of the key points to help you get an idea of the right one for you:

• Renting provides you with flexibility and the possibility to move easily
• Homeowning gives you more stability
• Your landlord may raise the price with each lease
• You’re building equity after buying a home
• You’re responsible for maintenance and repairs as a homeowner, while your landlord handles them if you’re a tenant.

Storage – how it can help

If you’re renting a home in Seattle, it can happen that you have some belongings you aren’t allowed to bring to the rental. Or you just don’t have enough space. If you find a rental unit that is already fully furnished you may wonder what can you do about items you already own. Additionally, sometimes the home you rent can be too small, so you need to downsize to avoid clutter and lack of space.

Finding affordable, yet quality storage units Lynnwood or neighboring areas offer can be a great solution. You can store everything you want while living as a tenant, so you get to keep all of your belongings safe. The safety of your items is the second major benefit of having a storage unit. It can be useful to put away all of your valuables in a secure place rather than keeping them in your rental.

Is renting a home in Seattle the right option for you

If you move to Seattle you will notice that the majority of residents rent their homes. The city offers a wide variety of options, and it is helping both landlords and tenants find the best renting solutions. Overall, renting a home in Seattle is a popular option for many newcomers and locals as well. If you’re looking for flexibility, and less responsibility or you aren’t looking to settle down and buy a home yet, renting can be the best solution for your lifestyle.

References:

https://www.rent.com/washington/seattle-apartments/rent-trends

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History

Hansen Bros. Moving & Storage is locally owned and operated by the same family for four generations, since 1890. We have a well-established reputation for service quality and reliability with a high percentage of repeat household and commercial clients.

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We’re a certified ProMover by the American Moving and Storage Association with A+ rating with the Better Business Bureau, voted “Best in Western Washington” in 2009 and from 2011 to 2016 by KING5. Our company is fully licensed and insured and member of WMC and AMSA.

Value

Hansen Bros. Moving & Storage provide free, no-obligation in-home estimate and competitive rates, including low minimum rates for shipments moving under 300 miles. We’ve set a refund policy for unused packing materials and three Puget Sound locations to help clients save on travel fee costs.