A report on Seattle’s rental housing shows the city is experiencing consolidation of ownership with larger property owners and a quickly-shaping decline in small rental properties ranging from fourplexes to single family-style homes.
The report from the Department of Construction and Inspections utilizing data from the Rental Registration and Inspection Ordinance Program was presented (PDF) to the Seattle City Council’s Housing & Human Services Committee Wednesday as part of an audit to improve the program.
The registration program has struggled with technical limitations and resources and the audit found oversight of the program requiring landlords to register properties and undergo inspections has weakened, City Auditor David Jones said.
Landlords with smaller holdings including many single-property owners have said it is becoming increasingly difficult to continue renting in the city as regulation requirements have increased making it more likely that the properties would be sold to a smaller and smaller market of larger real estate and development companies. The city has convened a Small Landlord Stakeholder Group to try to stem the tide.
According to the report presented to the council committee Wednesday, early efforts may have slowed the transition but the number of low-unit properties including houses and building with up to four units has plunged 19% in only five years. Meanwhile, even the number of large properties registered under the program has dropped as ownership is consolidated and fewer, larger landlords emerge. Continue reading