Posted by: phillipsre | January 21, 2014

Making the Rental Market More Affordable

buildingAn interesting article from the Stranger came out last month, with some ideas on how to make rents more affordable in the Seattle area. Offering such advice for developers and apartment owners to provide different incentives to make units more affordable for renters. This article recommends building smaller, less fancy apartments that are suitable for single tenants and building smaller family focused units, so people can stay near their jobs in the city.  Instead most developers are creating luxury apartments, which are way outside of most peoples price range, forcing them to choose smaller units or move out of the neighborhood of choice. In the end, these luxury apartments and condos end up vacant and buildings have low occupancy rates because people just can’t afford the newer units. Here’s another idea for all those unused apartments, it helped Utah bring down their homeless problem, wondering if it would fly in Seattle?


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