The Seattle City Council recently approved (7-0, Rasmussen and O'Brien disqualified) legislation to better protect renters from sub-standard rental housing conditions. The three pieces of legislation create a framework to improve sub-standard housing via administrative warrants and a rental housing licensing and inspection program as early as 2012.

The U.S. Department of Housing and Urban Development recently announced that it has charged a King County, Washington, landlord with violating the Fair Housing Act. HUD contends that Summerhill Place LLC, the owners of Summerhill Apartments in Renton, WA, its management company GRAN Inc., and on-site manager Rita Lovejoy, engaged in a pattern of adverse treatment of African Americans, Hispanics, Asian Americans, and families with children, in violation of the Fair Housing Act.

The Puget Sound economy will begin to recover in 2010, following a tumultuous year highlighted by struggles among some of the area’s largest employers, according to the 2010 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Payroll reductions caused tenant demand to ease at the end of a three-year period in which metrowide office stock expanded by more than 8 million square feet, resulting in a vacancy surge.

Seattle – Apartment Insights statistics show the rental market rebounding in early turnaround, reports Tom Cain of Apartment Insights. The data is from his Seattle firm’s first quarter statistics and trends on 50+ unit properties in the King/Snohomish market.

VACANCY: 6.4%

SEATTLE – Even as the recession subsides, the lingering effects of job losses and additions to stock in recent years will drive vacancy in the Puget Sound to historic highs in 2010, according to the 2010 National Apartment Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Large-scale layoffs in 2009 by several major local employers, including Washington Mutual, Microsoft and Boeing, will limit renter demand near these campuses this year.

First Advantage SafeRent, Inc., a wholly-owned subsidiary of First Advantage Corporation.
The Multifamily Applicant Risk Index (MAR Index) is based on traffic credit quality scores from First Advantage SafeRent’s statistical screening model and is updated quarterly to provide property owners and managers with a benchmark against which to compare their portfolio’s performance.

Seattle – Apartment Insights statistics show market vacancies stabilizing for the second consecutive quarter, but rents continue to fall, reports Tom Cain of Apartment Insights. The data is from his Seattle firm’s fourth quarter statistics and trends on 50+ unit properties in the King/Snohomish market.

VACANCY: 6.8%

As the Puget Sound slips deeper into the recession, contracting demand from key local employers and several support firms has dampened the region’s outlook through the next several quarters, according to a fourth-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Fundamental performance will vary depending on class; however, as some property types are poised to weather the downturn better than others do.

As 2009 draws to a close, the Seattle Housing Authority is assessing results from its 2005-2010 Strategic Plan and launching efforts to develop a new plan for the next five years.
The planning process will extend into 2010, involving stakeholders and low-income residents from across the city. The Housing Authority’s Board of Commissioners will work closely with the staff to set direction and priorities for the new plan.

New standards for livability, sustainability, and affordability in Seattle neighborhoods