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