Mom and Pop Landlord

I live in Bellevue, and own 2 rental properties in Bellevue. These are houses I originally lived in, and then eventually started renting out when I moved to a different home. I've lived in Bellevue for 25 years and I've been a landlord in Bellevue for 21 years. Many people who rent from me and my wife are happy when they find out we are not a corporate landlord. They say the property is better maintained and they get better/more responsive service when there are issues. I have a place in my heart for each of my rental properties because I lived in them myself and know the neighbors and the neighborhood.

I hear people complain about high rents, and I understand. However, the market is demanding higher rents. Several years ago, we listed one of our properties for what turned out to be well below market. We were not only flooded with applications, but also multiple offers for hundreds of dollars above our asking rent. This high demand was a result of very low rental inventory. People were desperate to find a house to rent. We ultimately adjusted the rent to what was being offered, and communicated the new price to all who had applied to give everyone a chance. Some were angry, but many took it in stride because they understood the market demand. The eventual tenants were happy to have a home to live in in a great location and community.

Whatever the City of Bellevue decides to do about housing, please keep basic market dynamics in mind. It's a simple matter of supply and demand. When supply is low and demand is high, prices increase. If you want lower rents, either lower demand (people moving out of Bellevue is not ideal) or increase supply (there is only so much land). Artificially suppressing rental rates by passing rental increase caps like a number of cities are starting to do does not decrease demand (arguably it increases demand) nor does it increase supply. In fact, it will likely reduce tenants' ability to move as they won't be able to find a comparable home at market rates compared to the artificially low rate they are paying. Whatever solution is implemented by the City of Bellevue, please allow me and other property owners to continue to have the freedom to make the highest and best use of my property. I suggest solving the problem by finding a way to increase inventory. This will likely increase density which in turn will likely increase demands on our infrastructure, so please plan for that as well.