Content Writer, Stacker

Belong Co-Founders

Pricing your Bay Area rental isn't about comps anymore. See what happens when you take a new approach to pricing your rental home in SF's sought-after Bay Area

Bay Area Prices are in Flux: How Much Rent Should You Charge?

They’re up, they’re down, they’re back up again. Bay Area rents are some of the highest across the country — and the most unpredictable. With prices bouncing around after the pandemic, you don’t need a crystal ball to price your home in the Bay Area rental market. You need Belong. 

Like all major cities, Bay Area rents suffered a big blow during the peak of the pandemic in 2020-2021. And while prices are on the rise again, the Bay Area is unique in that in May 2022 it was reported to be the only major metro area where prices have yet to reach pre-pandemic levels.

Of course, that isn’t the entire picture. Nor is it doom-and-gloom news for owners of rental properties in San Francisco’s Bay Area. Given that the pre-pandemic rents were some of the highest in the country after years of astronomical growth, today’s market isn’t exactly soft. 

San Francisco, Oakland and San Jose remain among the top 10 most expensive cities in the country to rent, despite being down on pre-pandemic levels. 

With this state of flux, coupled with rising interest rates and troubling inflation, homeowners could be forgiven for thinking that you need a crystal ball to price your Bay Area rental. But Belong has a better solution, based on real-time demand.  

How to price your Bay Area rental property with real-time demand

Looking at hard numbers and comps alone isn’t enough when the market gets this complicated. Or looking to outdated models such as asking for 1-2% of the mortgage rate or property value. Yet that’s exactly what real estate agents and property managers do, because it’s the way it’s always been done. 

But we’re playing a different game now. Property values have changed from that once-neat sum. And as workers return to the city, the wish list of amenities has changed. People have become accustomed to more space. They want outdoor areas, fast wifi and home offices. Studios and 1-bedroom apartments are still trickier to shift, while roomier homes are being snapped up soon after listing. 

Belong addresses these complexities and shifts by taking a modern approach to pricing homes on the rental market. In fact, Belong has ditched the property management model to offer a completely unique service that takes a humanized approach to the rental market —  including pricing. 

When helping owners price rentals in SF’s Bay Area, Belong uses technology to blend live market data with an all-important metric: real demand for each home. We determine the right price for your home that will maximize rental income and keep vacancies low, long-term. And because we extend our services to renters as part of our community, we attract the best of the best to place in your rental property. 

Belong averages 66% less vacancy than property managers

Once your home is on Belong, we get a true measure of the market by looking at impressions, clicks, tour sign-ups and how many people have started applications. With all that data at our fingertips — plus local-market benchmarks — we can work with homeowners to react quickly and maximize rental value, while minimizing vacancy. 

As a result, we trump the property management industry with 66% less vacancy. And our residents want to stay, with 71% renewing their 1-year lease (and unlike property management companies, this is done at no cost to homeowners). 

Goldilocks rental pricing that is just right, for right now.

SF is one of the biggest tech hubs in the country, isn't it about time you start using first-class technology to power your rental investment? With a unique approach and live insights from the local rental market, Belong knows exactly what high-quality, long-term residents are looking for and what they are ready to pay, right now. 

The result is fewer vacancies, great people caring for your home, profitable rental income, and no tricks or compromises that could devalue your home as a rental investment. 

Find out how Belong would value your Bay Area rental at https://belonghome.com/homeowners/bay-area 

Getting the right price for your Seattle rental isn't about comps alone. See what happens when you take a human approach to pricing your Washington rental home

How to Find the Sweet Spot of Rental Pricing For Your Seattle Home

Getting the right price for your Seattle rental property is all about market data, right? Not always. Find out what happens when you take a more human approach to pricing your home on the Washington rental market. 

In 2022, the Seattle rental market skyrocketed. Fuelled by jobs growth in the area, it was reported that Seattle rents are up 29% over last year. This is well above the already-high average nationwide increase of 15%. 

But how long will this last? Large price rises should slow in the later half of the year, so is now the right time to raise rents through the roof? Or should you be looking long-term, creating fairer pricing to stop your residents from bailing every 12 months in search of a better deal?

There’s also the new issue emerging that will affect locals. Some of Seattle’s biggest employers — including the goliath that is Amazon — are now overstaffed. What happens when job growth slows down? If you capitalize on growth outside of the greater Seattle area, what happens to your rental value when remote workers get called back into the office?

You see, market data is great, but it’s not perfect. If you look at the hard numbers alone, as most real estate agents and property managers do, you could be setting yourself up for failure later. Overprice your home now and you will be limiting your applicant pool and risk having to drop your rates dramatically when the market softens. Price too low now and you could devalue your property or even upset your HOA. 

How to price your Seattle rental property

The old model for rental rates used to be to ask for 1% of the mortgage rate or property value. This model is painfully outdated. With the rate of inflation and interest rate hikes, you could have difficulty finding someone to rent your home at that ask. 

The best way to avoid leaning too hard on market data, speculation, and outdated calculations is to take a human approach to renting your home. After all, that’s exactly what renters are and your home is set to become theirs when they move in. 

While the property managers of Washington are keeping an eye on comps, Belong takes a different approach to pricing homes on the rental market. Belong has ditched the property management model to offer a completely unique service that takes a humanized approach to the rental market —  including pricing. 

When helping owners price their homes for the Seattle rental market, Belong uses technology to blend live market data with an all-important metric: real-time demand for your home. By looking at how many people are in the market and their budget, we can determine the right price for your home that will maximize rental income, while attracting the best people to care for your home in the long term. Renters love Belong because we extend our services to them as part of our community, ensuring we find the best of the best to place in your rental property. 

Belong’s average time to rent in Washington is an industry-leading 12 days

Once your home is listed on Belong, we get a true measure of the market by looking at impressions, clicks, tour sign-ups and how many people have started applications. With all of that data at our fingertips — plus local-market benchmarks — we can work with homeowners to react quickly and maximize rental value, while minimizing vacancy. As a result, we trump the property management industry with an average time to rent of just 12 days in Washington (as of May 2022). 

And if you want to keep your cash-flow running in those 12 days (or less!), we can make sure you continue getting paid with our fee-free Smooth Payments option, unique to Belong. 

Goldilocks rental pricing that is juuuust right.

What happens when you couple current market data with live, real-time demand from the local rental market? The sweet spot, the Goldilocks of rental pricing. Belong takes the guesswork out of what to charge by using first-class technology to determine the right price for your home, including what high-quality, long-term residents are prepared to pay right now. 

The end result is fewer vacancies, great people caring for your home, profitable rental income, and no tricks or compromises that could devalue your home as a rental investment. 

Find out how Belong would value your rental home at belonghome.com/homeowners.

Desirable school districts have an impact on the rental market. We show you where to find the best school districts in the Seattle area to own rental property.

6 of the Best Seattle School Districts To Own a Rental Home

Finding a great school is a top priority for most parents — especially those on the rental market. Whether they’re relocating for work, saving for a house deposit, or even renting to be closer to better schools, parents are doing their homework on well-rated school districts before choosing where to rent. 

If you own or are considering a home on the Seattle rental market the proximity of the home to good schools will have a big impact on the return you can expect. 

So where are Seattle’s most-desirable school districts and how do you decide if it’s the right place to own a rental home? Each year, organizations such as Niche.com and U.S. News analyze statistics, reviews, and data from the U.S. Department of Education. They take into account test scores, college readiness, graduation rates, SAT/ACT scores, teacher quality, public school district ratings and more. 

This article highlights six of the best-rated school districts in the Seattle area, as well as the top-20 neighborhoods with the best public schools, according to their 2022 rankings. 

Read More: How Your Property's School District Affects Rental Pricing

Best school districts in the Seattle area to own rental property

Mercer Island is Niche.com’s top-ranked school district for the Seattle area, with four elementary schools, one middle school and one high school. This school district is also considered to be the best for athletes and the safest — another big drawcard for young families. 

For families with older children, U.S. News rankings puts Mercer Island High School at #6 in Seattle, with a graduation rate of over 95%. 

In addition to being a great school district, neighborhoods in the Mercer Island District enjoy access to more than 475 acres of parks and open space for families to enjoy sports, nature walks, picnics and playgrounds. 

Coming in at #2 on the Niche.com rankings is the Bellevue School District. Bellevue School District serves the communities of Bellevue, Clyde Hill, Medina, Hunts Point, Yarrow Point, Beaux Arts Village, and portions of Newcastle, Kirkland and Redmond. The district offers 31 schools in total, with 19 elementary schools, eight middle schools and eight high schools. 

Bellevue has not one, but two top-five rated high schools in the area, with U.S. News ranking International School at #2 and Newport Senior High School at #4.

It’s not a cheap area to secure property, however according to areavibes.com it’s considered an exceptional place to live and attracts rental prices 54% higher than the Washington average.

Bainbridge Island isn’t just for day trips, it’s also a great place to live and ranks third in Seattle’s best school districts. Just a short ferry ride across the Puget Sound, Bainbridge Island School District contains 10 schools; six elementary schools, five middle schools and three high schools. 

It’s worth noting that Bainbridge Island ranks #1 for places to teach, making it an attractive location for families and teaching professionals alike. Bainbridge Island is also considered to be a safe area for families, with crime rates 66% lower than the Washington average.

The residents within the Lake Washington School District are spoilt for choice when it comes to accessing great schools, with 34 elementary schools, 15 middle schools and 10 high schools servicing the area — including the top-ranked high school in Seattle.

Eastlake, Lake Washington, and Redmond High Schools all enjoy a 94%+ graduation rate and are positioned within the top 20 high schools in Seattle. But for parents looking to alternative education opportunities, Tesla STEM High School is ranked #1 in Seattle and #12 nationally, making it a big drawcard to this district for families looking for a modern STEM-focused education and Advanced Placement programs. 

Being a magnet school, Tesla STEM High School accepts applications from outside of the district, but homes within the district make for an easier commute. 

Lake Washington School District is located between Lake Washington and the Cascade Mountains, to the east of Seattle. Covering 76 square miles, LWSD is the public school district for the cities of Kirkland and Redmond, as well as about half of Sammamish. On the north end of the district, some Bothell and Woodinville residents also attend schools in this area. 

The Issaquah School District has grown considerably in recent times, transforming over the past 100 years from a sleepy mining town to a vibrant neighborhood that attracts residents for its great living and employment opportunities. Retail giant, Costco, is headquartered within this district, so there is no shortage of working parents looking for homes. 

This school district contains 28 schools; 16 elementary schools, seven middle schools and six high schools — including Issaquah High School, which ranks ninth in the Seattle area. 

The Northshore School District is the 10th largest school district in Washington state, serving the cities of Bothell, Woodinville, Kenmore, and surrounding unincorporated areas in King and Snohomish counties.

In 1959, Woodinville and Bothell School Districts were consolidated to create the Northshore School District. Today, it offers 39 schools in total; 24 elementary schools, nine middle schools and nine high schools. Woodinville and North Creek High Schools are ranked among the top 20 high schools in the Seattle area (18 and 20 respectively).

Outside of the schools, there’s lots of reasons why residents are drawn to the neighborhoods along the Sammamish River. From waterfront parks and dense woodlands, to wineries and festivals, this region is fast-growing with plenty of interest in property. 

Top 20 suburbs with the best public schools in the Seattle area

If you already own a home that you have (or are considering putting) on the rental market, you can look up nearby K-12 schools and their performance on the Washington State Report Card. 

If you’re looking to purchase a rental home in one of Seattle’s best school districts, here is a shortlist of 20 top-ranked suburbs with the best public schools, according to Niche.com in 2022: 

Owning a rental home in a great area is one thing. Making sure it’s priced accurately, marketed, well-maintained, and guaranteed to bring you rent every month is another. 

Before you consider local property management to market your home, consider Belong. 

We manage everything about rental homes, so you don’t need to lift a finger. Belong trumps the property management industry with an average time to rent of just 12 days in Washington (as of May 2022). 

From finding a great family who will care for your Seattle home to providing them 24/7 support and in-house repairs and maintenance, you can rest easy knowing that Belong will handle it all.

If you own a Seattle or Washington property on the rental market, find out if you’re eligible here. 

California Rent Control Laws changed with the Tenant Protection Act of 2019 (AB-1482). This is an overview of changes to local rental control law in CA.

Everything You Need to Know About California’s Rent Control Laws

California Rent Control Laws changed with the Tenant Protection Act of 2019 (the bill also known as AB-1482). Read on for an overview of changes to local rental control law in the State of California. 

Enacted on January 1, 2020, California’s statewide rent control law made it illegal for residential landlords to raise rent more than 5%, plus the local rate of inflation in a year. Called the “Tenant Protection Act of 2019,” or AB 1482, the law is designed to prevent the most “egregious” rent increases in the state, especially as many renters have had extreme difficulty paying for housing in the midst of the COVID-19 pandemic.

California Governor Gavin Newsom remarked that with the implementation of the Act (AB 1482), the state will enjoy the “nation’s strongest statewide renter protections.” The statewide law is retroactive to March 15, 2019, and expires on January 1, 2030.

Note that the rental caps limit how much a landlord can increase a tenant’s rent, not the amount of the initial rental price. That amount is determined as it always has been: the homeowner and the tenant come to an agreement that is ratified through a signed lease. To help homeowners determine the optimum price embodied in that agreement, Belong offers a Pricing Optimization Model which takes into account a variety of factors, including market conditions and location.

Exemptions for the Statewide Rent Control Law

The Tenant Protection Act applies broadly to all housing, however there are some exemptions, including which can be found here. The statute does not apply to California condos, and single-family homes, unless they’re owned by a corporation or real estate investment trust. Local rent control ordinances currently in effect will still apply.

Duplexes, where the owner lives in one of the units, are also exempt. In addition, the law provides for these exemptions:

Housing accommodations in which the tenant shares bathroom or kitchen facilities with the owner;

Single-family owner-occupied residences, including a residence in which the owner-occupant rents or leases no more than two units or bedrooms, including an accessory dwelling unit or a junior accessory dwelling unit;

Units already subject to a local ordinance that is more protective than state law, and that requires “just cause” to terminate a tenancy (for example, the eviction protections of the San Francisco Rent Ordinance) – see below for a further description of “just cause;”  and

Residential real property that’s separately alienable from the title to any other dwelling unit – meaning, it can be sold separately from any other dwelling, as is typically the case with single-family residences and condominiums – as long as both A and B apply:


(A) The owner is not any of the following:

(i)  A real estate investment trust, as defined in Section 856 of the federal tax code;

(iii)  An LLC (limited liability company) where at least one member is a corporation

(B) The tenants have been given written notice that the residential property is exempt from this section.

Homeowners should note that the state law exempting buildings constructed in the last 15 years is a rolling date. Thus, units built in 2006 will be covered by the exemption in 2021, but not thereafter. Similarly, units built in 2007 will be covered up through 2022,  but not thereafter. And so on.

Updates to evictions and lease terminations: the “just cause” requirement

AB-1482 has a protection for tenants that prevents landlords from attempting to circumvent the law by evicting current tenants to set new, higher rents for future tenants. The law requires landlords to show “just cause,” such as failure to pay rent, when terminating a lease. Other examples of just cause include violating the terms of a lease agreement, assigning or subletting the premises, refusing to provide reasonable access, refusing to vacate, and committing a crime on the property.

The just cause protection applies to renters who have resided in the unit for 12 months or more. If another renter is added to the lease before an existing renter has continuously resided in the unit for 24 months, the just cause provisions only apply if everyone on the lease has continuously resided in the unit for 12 months or more, or if one of the renters has continuously resided in the unit for 24 months or more.

For those residents who’ve lived in a unit for at least a year, landlords must provide the tenant with an opportunity to cure the violation.

The law exempts certain housing types from the tenant protections (like the rent control provision), requiring a just cause showing prior to terminating a residential tenancy.

Furthermore, AB 1482 sets out some “no fault” just causes, which means that a homeowner can end a lease if the unit is removed from the rental market or is being provided to an immediate relative. Additional “no fault” just causes include: if the homeowner is substantially remodeling the unit; if it needs to be vacated to remedy habitability issues; or if the homeowner is responding to an administrative or court order. 

Where local rent control laws are already in place

The following California communities have local rent control laws on the books, meaning the statewide rent control rules won’t apply – other than for mobile homes:

In addition, several other communities have measures short of rent control, and we advise you to look at the provisions that apply:

Campbell (starting Ch 6.09 mediation only)

San Diego (98.0730 just cause eviction, only)

San Leandro (non-binding review & mediation only)

Plus, the unincorporated neighborhoods of Los Angeles County have local rent control laws.

Rent Control Ordinances in Large California Cities

In LA, the local rent control law only applies to buildings constructed prior to 1978. However, with the statewide rental control law, many thousands of newer units built between 1978 and 2005 will be required to comply with AB 1482.

The municipal code says that only one rent increase is allowed every 12 months based upon the regional CPI (Consumer Price Index). Effective July 1, 2020, the annual allowable increase is 3.0%. To be clear, in the City of Los Angeles, if a tenant resides in a building that was built before 1978, rent increases are to be capped under the provisions of the city’s rent control ordinance, and rent in that building can’t exceed a 5% increase (plus inflation). The rate by which landlords can up the rent is calculated as a percentage of the annual Consumer Price Index (CPI).

Belong

Jill Jaracz

Andrea Vale

Ale, Owen & Tyler Founders

Annalise Mantz

Jane Allison Gunn

Jill Jaracz

Andrea Vale

Ale, Owen & Tyler Founders

Annalise Mantz

Jane Allison Gunn