A first in the nation approach to demystifying and breaking down the costs associated with paying rent. When passed, it will help renters understand what they’re paying and allows the city to understand trends in the rental market.
Seattle is a world-class city home to around 700,000 residents – over 50% of whom are renters.
Over the past 5 years rents have risen about 60% for an average 1-bedroom apartment and close to 75% for a 2-bedroom apartment. During this time renters’ worries have risen as well.
By breaking down costs included in monthly rent, tenants can better understand cost of rents and rent increases associated with their homes. They can also use this information to plan and prepare for the future.
In addition to this, I-127 gives the city an apparatus to track rent trends. This allows both the city and it’s residents to study and understand our rental market.
How it works
I-127 proposes simple rules that allow renters to know what they’re paying for and it allows our city to provide accurate rental cost data analysis on an ongoing basis.
Keeping up with Trends
A breakdown in rental cost is included in every new lease.
Includes: base rent, taxes, maintenance costs, administrative costs, and other costs included in total rent.
An updated breakdown is provided with every rent increase – including those for month-to-month tenants.
Renters are given power to request proof of cost.
The Department of Construction & Inspection is given power to enforce rental cost transparency.
The City will open a web portal for tenants & landlords to voluntarily provide rental cost information.
5 years after passage of the law, rental cost breakdowns are part of rental property re-registration.
The City will have a way to accurately track rent trends and how they affect tenants and landlords alike.
* Owner-occupied single family residences, duplexes, Mother-in-Law units, cottages, & State/Federally subsidized properties will be exempt from this law.