New rent leases starting 10% below last year
Wow. Never thought I would see this in Seattle. My rental company that manages 4 buildings in Seattle and Bellevue just sent us an email saying all new leases starting this month will be 10% below current rent if we sign a 1 year lease agreement. You only lose $500 deposit and 1 month rent if you break the lease. This was updated from you are on the hook for the rent for rest of the lease term if you break the lease. We are living in desprate times folks!
Agreed, absolutely unbelievable for Seattle. Wife and I will be looking at homes at the end of this year, so we're hoping some of the fallout also carries over to the housing market around that time
Our friend who works for a big realtor (and was just laid off last month) told us that NAR just put a hold on all in-person open houses (virtual online still open) so all prices you see now are pre-Covid19 since county registration office is closed and they are working on opening online registration so people can close sales. Once the market opens up you will see true market prices. She expects it to start at 5-10% lower depending on what happens in May. If weāre in quarantine through May, her recommendation was to stay put for 2 more months past that at the minimum. Something about housing being a lagging market and bank processing of defaults takes time.
If that happens imma extend mine else imma GTFO after June .. House rent will fall dramatically in next 2 months.. ppl run away from city as they already did.. Is this SLU ?
Housing market tends to fall around 6-18 months after stock market crash.
What's your rental company's name?
They're likely seeing many of their tenants saying they couldn't pay April's rent. Gotta keep the ones that can pay long as possible.
Which company
And i felt lucky being offered lease extension with 0% increase
Still a good deal.