Tag Archives: investment property

Attention Seattle Rental Property Owners

 

 

 

 

 

The City of Seattle continues to increase the number of rules and regulations that impact your options as a rental property owner.

These regulations include:

  • The Rental Registration and Inspection Ordinance requires landlords to register all rental housing units in Seattle, from single-family houses to large apartment buildings. The ordinance requires that all registered rental properties be inspected at least once every 10 years. This ordinance covers any rental property including AirBnB’s and ADUs.
  • Move-In Charges: There are new security, pet deposit, and move-in fee limits. Landlords must allow an installment plan to pay these fees. The total amount of all these deposits cannot exceed the amount of one month’s rent.
  • Landlords are now prohibited from discriminating against a prospective tenant’s income, as long as the source of income is legal.
  • The first come, first served rule requires that landlords must accept the first qualified applicant.
  • And most recently, the Seattle City Council approved an ordinance that will prohibit landlords from screening tenants based on their criminal records.

For more detailed information and links to the specific rule changes, read my blog at www.jamieflaxman.com.

Some investment property owners in Seattle no longer feel that the benefits of owning a rental property outweigh the restrictions that the City has placed on landlord rights. If you are considering selling your investment property, let’s talk. Give me a call at (206) 790-0081 or email me. Seattle is in a real estate market that heavily favors the seller, resulting in quick sales and top dollar for most Seattle homes.

 

 

 

Rental Registration and Inspections – Do They Impact You?

The City of Seattle has passed new regulations regarding rental property that are now in effect. The goal of the regulations is to improve and maintain the quality of Seattle’s rental housing over time. The program will benefit Seattle residents by:

  • Preserving neighborhoods and quality of life
  • Educating property owners, inspectors, and renters about the RRIO standards and encouraging proper maintenance of rental housing
  • Ensuring all rental properties meet the same minimum standards through periodic inspections
  • Creating clear communication methods between rental property owners and the City in the event of emergencies

The ordinance requires landlords to register all rental housing units, including single family homes.  The stated purpose is to ensure that all rental housing is safe and meets basic housing maintenance requirements.

Landlords must register their property according to the following schedule:

  • All properties with 10 or more rental housing units – By September 30, 2014
  • All properties with 5 to 9 rental housing units – By March 31, 2015
  • All properties with 1 to 4 rental housing units – Due date determined by zip code

The ordinance requires all registered rental properties to be inspected at least once every 10 years, starting in 2015.

The city website has more information about RROI, including fees and inspectors: http://www.seattle.gov/DPD/codesrules/licensingregistration/RRIO/aboutrrio/

What does this mean for buyers?

If you’re thinking of buying an investment property, a home with a legal ADU, or even a home with a non-comforing ADU, this impacts you. You will need to register your rental and adhere to the regulations and requirements for the conditions of this property. Here’s the link to the checklist.

What does this mean for property owners?

If you own a rental property, you will be required to register your property by the date listed above and meet the criteria as listed in the checklist. This includes legal and non-conforming ADUs, condos you’re renting, prior homes, and any other rental property. If you don’t want to do all this, maybe it’s time to sell.

Please give me a call at 206-790-0081 or email for more information or to discuss your situation and your buying or selling options.