Winter 2024 Newsletter
Our Reliable Service | Your Peace of Mind
Spotlight on Property Managers: Ryan Elizalde
Ryan, a seasoned professional in the real estate industry, brings eight years of extensive experience to his role at Maple Leaf Property Management. Having been a pivotal part of the Maple Leaf team for over four years, Ryan has honed his expertise in property management, underpinned by a solid background in marketing. Known for his passion for collaborating with clients, he excels in maintaining and enhancing property investments. Committed to continual learning, he actively pursues further education in the real estate sector. Originally from central California, Ryan has been a resident of the Seattle area for the past 12 years, where he applies his regional knowledge to benefit his clients and properties under his management.
HAPPY 2024!
And we do believe it will be a happy year. There’s a lot of good news on the real estate horizon for investment property owners. First, there’s the rumor of interest rates stabilizing, hopefully even dropping. This will instill confidence in consumers to move, look for new jobs, or even upgrade their housing. There are also signs that the Federal Reserve’s goal of a “soft landing” to keep the country out of recession has been successful, and there will be sustained growth in employment. Finally, and maybe best of all for landlords, the number of new construction projects scheduled for 2024 and 2025 is down sharply compared to recent years. With supply stabilizing and demand increasing thanks to a resilient economy, we can all look forward to a busy 2024!
Another Year, Another Legislative Session
The new year brings the start of another legislative session and rent control is front and center on the agenda. The two rent control bills are HB 2114 and SB 5691. For complete details, please follow the below links. Our ability to raise rent to stay on pace with inflation has been nibbled away, especially in Seattle, over the past few years. Now, at a state level, there are serious attempts to make rent control absolute. Please contact your representative and let them know how you feel about this!
HB 2114 https://app.leg.wa.gov/billsummary?billnumber=2114&year=2024
SB 5691: https://app.leg.wa.gov/billsummary?Year=2021&BillNumber=5691
Legislation Regarding Pets
In addition to rent control for your human tenants, the legislature is also looking at controlling rent for pets, as well. SB 6064 would cap pet deposits at $150 and prohibit any additional pet fees/pet rent. The bill as currently written states “…funds are not to exceed $150 for prospective or current tenants” so, if this passes, we would have to stop charging pet rent for current tenants. In other words, rent would be limited for future pet-owning tenants, and reduced for current tenants.
The High Cost of Deferred Maintenance
Furnaces, windows, and roofs, oh my! These items are expensive, but important to keep in good repair to help your rental property maintain its value. If replacement is put off for too long, you might find yourself not only paying for the cost of replacement, but also paying for the water damage caused by the leaky roof or the tenant displacement caused by the nonworking furnace.
Upkeep also helps with tenant retention. For example, upgrading the windows if they are old and cause drafts or mold can lower the expenses for tenants who may choose to move if their utilities are too expensive.
Updating your rental between tenants will also help keep the rent at a higher price point. Many renters these days are opposed to carpets because they attract and retain allergens. Replacing carpeting with vinyl plank flooring is an easy upgrade that will immediately modernize the look of a property and is much easier to clean than carpeting. Keep wall colors neutral (we like Alabaster White by Sherwin Williams) to appeal to the largest audience. There are a lot of new units on the market, and that is your competition—new appliances, new paint, new floors!
