Mayor's multi-family tax break plan would set rents at 80% of median for studios and 90% larger units

               
               
                Seattle's Current Average Rents Compared to Median Rents    
               
  Unit Size Average Rents Rents at 60% Rents at 70% Rents at 80% Rents at 90% Rents at 100%  
studio 920 855 997 1140 1282 1425  
1bdrm 1000-1062 916 1069 1221 1373 1526  
2bdrm 1242-1478 1090 1282 1465 1648 1831  
3bdrm 1120-1510 1270 1482 1694 1905 2117  
* City average rents on this page are current estimates from "Apartment Rating Survey"  
               
               
               
    Mayor's proposal (rental side):      
    Unit size Area Avg Rents At or below 60% of Median (what most tenants can afford) Mayor's Set Aside Rents      
  0 920 855 1282 20% at 90%  
  1 1000-1062 916 1500 20% at 100%  
  2 1242-1478 1090 1800 20% at 100%  
               
               
  McIver Proposal (rental side):   Area Average Rents At or below 60% of Median (what most tenants can afford) Rents on Set-Asides Under McIver Proposal      
  0 920 855 997 20% at 70%  
  1 1000-1062 916 1221 20% at 80%  
  2 1242-1478 1090 1465 20% at 80%  
               
               
               
  2006 King County Housing Benchmarks Report:      
  Supply and Demand for Affordable Rental Housing:  2006    
    Percent of Number of Number of Cumulative Deficit or Surplus of Supply to Demand      
    Median Income of Household Rental Units to Income Group Rental Households in Income Group Surplus of Rental Units for Income Group      
    <30% 310 73,700 -73,390 Deficit    
    30-40% 30,730 25,800 -68,460 Deficit    
    40-50% 111,860 23,800 19,600 Surplus    
    50-60% 74,060 22,800 70,860 Surplus    
    60-80% 69,760 39,600 101,020 Surplus    
    >80% 20,590 104,200 17,410 Surplus    
               
               
               
               
  Comparison's for neighborhoods where MFTE would be extended  
  *note 2 bedroom range represents those with 1bath at low end to 2 baths at high end  
  ** average rents for each neighborhood on this page from Dupre and Scott's April '08 Report  
        studio 1bdrm *2bdrms  
Ballard   avg rent levels   666 859 1017  
8 bldgs/266 units surveyed rents at 60% of median 855 916 1090  
  Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
  McIvers Proposal 20% at 70-80% of median 997 1221 1500  
               
        studio 1bdrm *2bdrms  
North Seattle   avg rent levels   723 807 959-1134  
Includes Aurora, Phinney rents at 60% of median 855 916 1090  
Greenwood, Lake City Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
Lake City McIvers Proposal 20% at 70-80% of median 997 1221 1500  
87bldgs/5500 units              
        studio 1bdrm *2bdrms  
Greenlake/Wallingford avg rent levels   852 1007 1236-1517  
48bldgs/1941 units   rents at 60% of median 855 916 1090  
  Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
  McIvers Proposal 20% at 70-80% of median 997 1221 1500  
               
        studio 1bdrm *2bdrms  
Belltown   avg rent levels   1045 1444 1538-2167  
44 bldgs 5500 units   rents at 60% of median 855 916 1090  
  Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
  McIvers Proposal 20% at 70-80% of median 997 1221 1500  
               
        studio 1bdrm *2bdrms  
Queen Anne   avg rent levels   819 1026 1207-1725  
69bldgs/3274 units   rents at 60% of median 855 916 1090  
  Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
  McIvers Proposal 20% at 70-80% of median 997 1221 1500  
               
        studio 1bdrm *2bdrms  
Capitol Hill   avg rent levels   802 960 1230-1460  
includes Pike/Pine   rents at 60% of median 855 916 1090  
and 12th areas Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
340bldgs/7300units McIvers Proposal 20% at 70-80% of median 997 1221 1500  
               
        studio 1bdrm *2bdrms  
West Seattle   avg rent levels   763 858 984-1273  
includes Admiral   rents at 60% of median 855 916 1090  
W. Seattle Junction Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
Morgan Junction McIvers Proposal 20% at 70-80% of median 997 1221 1500  
Delridge area              
110bdgs/2500 units              
               
Areas in SE Seattle, CD, and W. Seattle where MFTE already applies    
        studio 1bdrm *2bdrms  
Rainer Valley   avg rent levels   524 636 743  
32bldgs/2600 units surveyed rents at 60% of median 855 916 1090  
  Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
  McIvers Proposal 20% at 70-80% of median 997 1221 1500  
               
               
               
               
               
Areas in SE Seattle, CD, and W. Seattle where MFTE already applies continued  
               
        studio 1bdrm 2bdrm  
Beacon Hill   avg rent levels   616 843 934  
17bldgs/550units rents at 60% of median 855 916 1090  
  Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
  McIvers Proposal 20% at 70-80% of median 997 1221 1500  
               
        studio 1bdrm *2bdrms  
Central Area   avg rent levels   868 1099 1154-1557  
25bldgs/1517units surveyed rents at 60% of median 855 916 1090  
  Mayor's Proposal 20% at 90-100% of median 1282 1500 1800  
  McIvers Proposal 20% at 70-80% of median 997 1221 1500  
               
               
 
  ***Seattle is more than meeting it's growth targets:     
     

**From 2004-2008 we've reached 50% of our 2024 Growth Target

  
   

**and in nearly all neighborhoods where MFTE is used, we've exceeded targets

  
   

**and in nearly all neighborhoods where MFTE is proposed we've exceeded targets

  
   
  Nabe's where MFTE now allowed   2004- 2024 Growth Targets - Units Needed to meet target # of units under construction, ie, with permits pending Percent needed to be met in 2008 to remain on target to meet 2024 Goal Percent of Target Actually Met Thru 2008  
  Denny Triangle 3000 587 20% 39%  
  Capitol Hill  1000 393 20% 77%
  Downtown Center Nabes 10,000 2255 20% 40%  
  First Hill 1200 216 20% 16%
  Entire 1st Hill/Capitol Hill Center 3500 871 20% 45%  
  U-District 2000 324 20% 31%
  Northgate 2500 716 20% 30%
  South Lake Union 8000 787 20% 19%  
  23rd and Union  650 609 20% 142%  
  Columbia City 800 12 20% 48%
  N. Beacon Hill 490 50 20% 15%  
  MLK at Holly 590 134 20% 73%
  N. Rainer   900 113 20% 62%
 
   
  Nabe's Proposed to be added to MFTE program   2004- 2024 Growth Targets - Units Needed to meet target # of units under construction, ie, with permits pending Percent needed to be met in 2008 to remain on target to meet 2024 Goal Percent of Target Actually Met Thru 2008  
  Belltown 4700 1242 20% 40%
  Pike/Pine 600 152 20% 69%
  12thAve. 700 110 20% 30%
  Ravenna 450 234 20% 35%
  Uptown 1000 658 20% 103%
  Ballard 1000 1452 20% 174%
  Fremont 500 138 20% 62%
  Lake City 900 70 20% 42%
  Bitter Lake 800 50 20% 65%
  Admiral 200 -2 20% 10%
  Morgan Junction 200 48 20% 56%  
  W. Seattle Junction 700 427 20% 82%  
  Aurora/Licton Sprgs 500 235 20% 88%  
  Greenwood/Phinney 400 96 20% 44%
  Greenlake 250 293 20% 126%
  Roosevelt   250 26 20% 45%
   
      2004-2024 target units Units under permit % by 2008 that must be reached % of target actually reach 2008  
  City-Wide   47000 13047 20% 50%
 
 
    Rents on apartments built from 2000-2006 (Sampling)  
    * simply waiting and allowing a new building to age for 3-6 years serves more households with incomes between 70-90 percent of median than MFTE  
    * and provides more below market rate units at these income levels than MFTE program ever could - so why would we reward developers with 12 years of tax breaks when in 4 years those units will be offered anyway to these income groups?  
Rental Property Address Neighborhood Year Built  studio   Income Group Served  1bdrm  Income Group Served  2bdrm  Income Group Served
Sidney 400 Wall St. Belltown 2000  $                        1,200 90%  $       1,215 70%  $          1,780 85%
Metropolitan Tower 1942 Westlake Ave. Downtown 2001  $                        1,300 93%  $       1,675 90%  $          1,945 95%
Metro on First 215 First Avenue West queen anne 2002  $                        1,120 80%  $       1,660 90%  $          2,150 96%
Harbor Steps 1221 First Avenue   1997 remodeled 2003  $                        1,054 70%  $       1,210 70%  $          1,920 92%
Post Alley Court 1408 Western Ave.   1989 remodeled 2003  offers studios and 1bdrms $900-$1450  68%        
The McGuire 210 Wall St. Belltown 2001  $                        1,130 80%  $       1,295 70%  $          2,195 100%
Dexter at Lake Union 1215 Dexter Ave N, Seattle, WA 98109   2003  $                           810 60%  $       1,200 70%  $          1,355 60%
1700 Madison 1700 E. Madison St.#310 capitol hill 2004  $                           945 70%  $       1,420 80%  $          1,565 70%
Lavie at Queen Anne 229 Queen Anne Ave. N. queen anne 2004  $                           975 70%  $       1,400 80%  $          2,050 94%
Alcyone 301 Minor Ave. N. south lake union 2004  $                        1,150 80%  $       1,260 70%  $          1,810 90%
The Kennedy Building 907 NE 45th Street University District 2005  $                        1,135 80%  $       1,295 73%  $          1,605 83%
Illumina Lake Union 219 East Garfield Street   2005  $                           775 50%  $       1,050 60%  $          1,345 60%
The Cairns 422 Yale Ave. N. south lake union 2005  $                           935 65%  $       1,200 70%  $          1,455 65%
Summit at Madison Park 1819 23rd Ave, Suite 101 madison park 2005  $                           985 70%  $       1,295 73%  $          1,795 90%
Alley24 241 Yale Ave. N.   2006  $                        1,100 80%  $       1,450 80%  $          1,995 93%
Neptune 912 Dexter Avenue N. lake union 2006  $                        1,015 70%  $       1,210 70%  $          1,760 90%

 

 

 

 

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