Amidst skyrocketing rents, some Seattle landlords are keeping it real

Talk to almost anyone looking to rent in Seattle right now and they’ll tell you the same thing: the rent is too damn high.

But there are still some real estate unicorns out there; nice apartments and houses, in desirable neighborhoods, that are eerily affordable.

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“It’s two bedrooms, one bathroom. It was built in 1907, it’s over 100 years old. It’s a craftsman,” said landlord John Stillings. “The rent right now is $1,300 a month.”

When Stillings’ tenants recently announced they were moving out, he could have easily jacked the rent up by several hundred dollars. But he didn’t.

“It’s America, it’s the land of opportunity and capitalism reigns in the market,” Stillings said. “But that’s not how, I think really, people ought to live. And how do you generate a social conscience? It would be hard to sleep at night, and look at myself when I’m shaving, to just gouge people for money.”

John and his wife, Betsy, bought the Ravenna house in 1988 and after having two sons, they moved out four years later. Since he bought the home so long ago, his mortgage is reasonable. And his new tenants were referred by the old ones. He says the peace of mind that comes with having trusted tenants is worth charging less.

“Think about what it would have cost us to try and go advertise. It’s like okay, great, let’s keep the rent down instead,” Stillings said.

Katie Harnish and her husband rent out a townhouse in Magnolia.

“It’s a 1,400 square foot townhouse that’s just shy of ten years old. Garage, outdoor space and we charge just under $2,000. I’ve looked at comparables. There’s a house that’s 1,200 square feet that doesn’t have a garage and somebody wants $3,000,” Harnish said. “So, yeah, people think we’re idiots, but we don’t care because we’re happy.”

She’s happy because she loves her tenant. She told him two years ago that she wouldn’t raise his rent, even though it’s below market value.

“However, my tenant called me three weeks ago and he was like, ‘Hey, can I paint the interior of the house?’ And he’s actually an interior designer, so I was like, ‘Yes, please!'” Harnish said.

“And he’s like, ‘It won’t cost you anything. Oh, by the way, can we refinish the cabinets? We think they’d look a lot better with a school house gray.’ And I was like, yes! Why would you not want that in your life?” she said. “So, it’s kind of like, I think he realizes that he’s getting a deal so he’s doing a little bit. I’ll scratch your back, you’re scratching mine. I’ll keep the house really, really nice and I’ll stay living here.”

Seattle Rental Group’s Kim Reidy said the average price of a one-bedroom apartment in Seattle is $1,450. Remember, Stillings’ 1,000 square foot, two-bedroom house, with yard, basement and hard wood floors is being rented for $1,300.

“People who privately own their own properties, and rent those out to folks, have a tendency not to raise rents,” Reidy said. “Just because the influx of the cost they take on to move somebody out, re-market, potentially hire an agent to help them through the process and then having the days vacant usually just doesn’t translate into raising the rent. So if they find a good renter who’s paying on time, who’s respectful of their property, generally speaking, I see the private landlords having a tendency to just keep rents where it’s at.”

Harnish noteed jacking up rent prices changes the culture of a neighborhood.

“I’ve seen friends who I really like, or neighbors who I really like, have to leave. And then wealthier people coming in, which is great for home value, absolutely wonderful,” she said. “However, they’re not any better renters than the people who were paying less. I don’t like how all the really great, creative people are getting pushed out &#8212 and single moms. I was really close to a really wonderful single mom and then the rental company, who was renting next to my townhouse, jumped it up $400 a month.”

Reidy predicts 1,200 people will be moving to Seattle each month this summer, so it will only get harder and harder to snag one of these rental unicorns.