Rent Control in Seattle?

Seattle has seen an influx of new residents which has driven housing prices up year over year.  It has also caused rent prices to skyrocket.  Some renters have even seen an increase of 50% to their rent.  For the last few years, Seattle has been toying with the idea of implementing rent control.  Just two weeks ago, Councilmember Kshama Sawant is leading the charge in influencing the state to remove the statewide ban on rent control, a law that has been in place since 1981.

So what is rent control?  And how does it help renters?

Rent control allows the government to control and regulate rental rates, increasing a small amount (typically a fixed percentage based on the market and inflation) every year.  While the increase may seem insignificant at first, over the year it may grow faster, or the percentage can be larger due to market rates.  However, the idea of rent control allows for a greater increase of available renters, especially those who are lower or middle class.  It also gives renters piece of mind, knowing exactly when and how much rents will increase.

This sounds great.  But why is it opposed?

Some disadvantages of rent control lie in availability.  Those who live in a rent-controlled apartment don’t tend to leave, which creates limited availability for those who need housing.  Due to limited availability, units that are available can drive up prices. 

Although rent control is banned in Washington State, Councilmember Sawant is part of a larger movement pushing for rent control in Seattle, hoping to influence change for the state.  Many frustrated Seattleites are spending nearly 50% of their income on rent, leaving them to barely get by each month.  Knowing this, Seattle Renters’ Commission is trying to enact a new measure to be put on the ballot, something they’ve been working on for quite some time.   They would like Washington to follow in the footsteps of Oregon, who earlier this year became the first state to impose rental control statewide.