Rents dropping in Interbay

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This topic contains 5 replies, has 5 voices, and was last updated by  Mondoman 4 years, 2 months ago.

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  • #67570

    Mondoman
    Participant

    Stopping by the Interbay Starbucks today, I noticed a sign in front of the neighboring new blockhouse-like “Flats” apartments that they are now offering 1st month rent free. This is new and seems to indicate that they are having trouble leasing out all their apartments. Not sure why — who wouldn’t want to live right next to a major 24-hour BN train switching yard and mainline?

    #67571

    Allison W
    Participant

    And….right on 15th–one of the busiest streets in the city. They should cater to people who are hard of hearing.

    #67600

    SunsetHillGuy
    Participant

    what rents too high? people not being able to afford to live in Seattle? I’m shocked, shocked I tell you to hear of this!! ;)

    #67617

    Smells Fishy
    Participant

    Nah that promo is very popular with those big management companies and has been used for 10 years or more here in our town. Foolish to read anything into it modoman

    #67620

    lakreitz
    Participant

    Disagree with you krow. No need to offer rent incentives if the market is hot. In addition, small guys as well as big mgmt companies offer incentives depending on market conditions and incentives are by no means an invention of the last 10 years. Right now, today, few incentives are offered. Next year will be a different story when all of the new places under construction come on line.

    The place Mondo mentioned doesn’t have much to offer except that it’s new. It’s not really walkable to anywhere interesting. No view. Clanging & smashing trains 24/7 in the rail yard on one side, busy 15th on the other and ball field lights shining windows at night on another. Around a year ago, one of my former tenants moved there. Looks like tenants are fleeing as their one year leases are up.

    #67624

    Mondoman
    Participant

    Krow, I’ve been around watching the ups and downs of the rental market in this area for over ten years. When a building that hadn’t offered rental incentives in the last year suddenly starts offering them, something’s up with that building. When many buildings start offering incentives, something’s up with the market. We’re not in the latter situation yet that I’ve noticed, but as lak points out, it’ll be interesting to see what happens once many of the new local mega-projects are available for occupancy.

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