Seattle

The number of registered rental properties in Seattle has declined consistently since 2019.  This according to a December 2023 audit by the Seattle City Auditor titled Understanding Seattle’s Housing Market Shift from Small to Large Rental Properties. The audit was performed at the request of several councilmembers in hopes of explaining a decrease in rental properties registered with the city. The audit relied on data derived from the Rental Registration and Inspection Ordinance (RRIO) passed in 2012, which requires all rental properties to register with the city and undergo regular inspections to “ensure basic safety maintenance requirements are met.” Although the inspection goal evidently isn’t being met, RRIO provides useful data on rental market trends in Seattle. [1] Ironically, the Read More ›

The Washington State Affordable Housing Advisory Board recently released a “Housing Advisory Plan” to address what it describes as an “urgent crisis” of needed affordable housing options in the state. According to the plan, there is only one affordable housing unit available for every five households in need (for those at or below 50-percent of median family income (MFI)). To illustrate the scope of the problem, the plan notes that in 2023, there were 453,423 renter households in the 0-50% MFI bracket and a supply of only 155,214 subsidized units. Drawing on the additional need in higher MFI brackets and the expected population growth, the plan’s authors claim that Washington “needs to add more than a million new homes” in Read More ›