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.