Capitol Hill apartment hunters have two new buildings to choose from this spring — with more on the way. The new options come just as neighborhood landlords have been getting back to pre-global economic meltdown habits regarding move-in incentives and rent increases, according to a study shared with CHS by analysts Dupre + Scott. More on the state of the Capitol Hill apartment market and a visit to two buildings where Hill residents new and Hill residents upgrading are moving in, below.
It’s the “geeky way” to pick an apartment, this new citizen of E Madison writes of her and her partner’s method of selecting a new place to live in Seattle. “I’m a fan of quantitative decision-making,” she writes about her gridded white board with rows for rent, distance, square feet, usability, professionalism, neighborhood, and, yes, an in-unit washer/dryer. She ended up selecting Capitol Hill’s new Citizen Apartments at 13th and Madison.
The Citizen Apartments used to be this auto garage (Image: Suzi Pratt for CHS)
The 107-unit building developed by Wallace Properties opened this month and, of course, the marketing has begun. We told you some news from their retail tenant end of things here — welcome Banner Bank. Here’s how they’re positioning the building for potential residents:
“We’re excited to unveil Citizen of the Pike Pine,” said Kevin Wallace, President of Wallace Properties. “Citizen exemplifies what we are trying to achieve with the mixed-use development program – a LEED Silver, condo-quality apartment project built for long-term ownership and with retail that adds value.”
Each of the Citizen’s 107 individual units boasts modern design and an attention to detail that fits the busy city lifestyle of Seattleites. The complex offers accommodations for those seeking studios, open one-bedrooms, one-bedrooms and loft apartments. Each unit includes large windows, low-VOC sealants, stainless kitchen appliances, and a full-sized washer and dryer. Bike racks and EV car charging stations are installed in the parking garage to encourage eco-friendly transportation.
Built to achieve LEED Silver certification, the Citizen promotes green, healthy living. Located in the heart of Capitol Hill, the apartmentsare within one mile of downtown Seattle’s business district and half a mile away from the light rail station scheduled for completion in 2015. Walkscore.com gives the project a rare perfect score for walkability.
You can also sift through Seattle Craigslist for the nitty gritty — the studio penthouse will run you $1,475, by the way, and you can, indeed, see Rainier.
With more units coming into the market, some analysts have been ringing the alarm bell that Seattle soon will face an apartment market “glut” as supply will exceed demand. If that’s true, then the glut couldn’t come at a better time for renters. Seattle rental market analysts Dupre + Scott supplied CHS with this table featuring the results of their latest survey of Capitol Hill, First Hill and Eastlake apartment property managers. According to the survey, the highest percentage of Capitol Hill-area managers since the fall of 2006 is planning to increase rents in the next six months. And while their planned average increase of 3.9% is down slightly from last fall’s survey, the number of managers planning to offer rent incentives and the size of those incentives continue to shrink:
Incent $: average rent incentive; Incent %: percent of properties offering rent incentives; Proj incr %: average rent increase in the next six months projected by participants; Plan incr %: percent of participants planning to increase rents; Park O/C/G: parking charges for open, covered, and garage spaces.
Dupre + Scott says Seattle apartment managers better get while the getting is good:
Developers opened fewer than 1,800 units last year. That’s one of the lowest production years in the past forty years. They are about to make up for lost time though. Our preliminary research of new construction activity for our spring Apartment Development Report shows developers will open more than 5,000 units this year, and as many as 8,000 units a year for the next two years.
Remember the cows
Another Capitol Hill building that has already joined this growing pool is 19th and Madison’s Lawrence Lofts. The building is a CHS advertiser (thanks building!) and started moving in its new residents last week:
Lawrence Lofts is now complete and started moving people in last Thursday. We’ve leased 55 units so far (out of 131). Alex Garcia was one of the first move-ins and quotes, “I love the space, it’s a great price, location and I’m excited to get to know my neighbors and neighborhood.”
One thing that we haven’t mentioned before is that Lawrence Lofts is a Built Smart building that shares some of the sustainable features found in LEED certified projects including a good portion of green roof along with a bio-swale in the West courtyard. The bio-swale filters all rooftop drainage through extensive landscaping before going into the storm drains. The bio-swale is expected to clear 80% of pollutants from the water.
Cameo, Ritchie and Steven are on-site 7 days/week showing apartments. The number is 206.860.6818 and email is email@example.com.
Last but not least, on Saturday, June 16th from 11am-4pm, Lawrence Lofts will host depARTure, a special community event featuring art, music and refreshments that will help raise funds to support Building Changes [501(c)3]. The depARTure event will highlight some of the artists, restaurants, shops and amenities that make Capitol Hill such a vibrant neighborhood. On June 16th, the public is invited to stop by, support Building Changes and enjoy refreshments by local vendors and food trucks.
For those of you keeping track at home, that Alex Garcia quoted in the Lawrence statement is they guy behind Emerson Salon, another CHS advertiser. It’s a small Capitol Hill.
Playing the let’s shop Craigslist game with Lawrence includes some bigger-space, higher-rent results:
Not enough space? You could always buy.