By Melisa Ferati
The 2021-2022 school year began Sep. 27. I began looking for housing in July for anything from 1–2-bedroom apartments to rooms being rented out. As of the first week of October, I am still searching – and so are many other students and local youths. Real-estate agent Sean Gotcher recently went viral on TikTok discussing the “iBuying” business tactic utilized by companies such as Zillow and Redfin. This entailed an explanation of how they purchase a group of homes only to pay a higher price for just one – enabling them to raise the price of the others.
The claim has been debated by housing experts stating that often when it comes to these companies, homes are generally purchased a few percent under asking and then put on the market one and a half to two percent over in general; the most common method of creating a gradual price increase in the neighborhood – a slower process than the market is reflecting. Even with their new acquirements in the local area, not enough has been purchased by these companies to shake matters up in such a short period of time. If this was the case, what could explain the rapidly increasing rent prices in Olympia?
“Prices are jumping up in the Olympia market in tandem with the military population,” veteran Hector Santiago comments – “…when Joint Base Lewis-McChord is cranking out a consistent supply of fresh soldiers who receive coverage from the military for rent, often in the $1,800-2,200 range, it’s easy for local landlords to take advantage.” Ever more so apparent as we walked around his neighborhood, the lazy stroll found us spotting many soldiers on their way home for the day.
As I hunted, I saw 2–3-bedroom apartments once listed for $1,100-1,300 jump up in cost by several hundred over the course of the summer – particularly July through September. The average one-bedroom unit now goes for $1,475. Few are the apartment complexes holding strong in the $1,100 range. Houses sell within days. With new complexes putting up 2-bedroom units for $1,700+ and affordable ones filled in a blink, the search for a student friendly rental becomes ever more difficult.
With most places requiring you make 3 times the rent, it’s just about impossible to find a spot on your own as a student. Online Olympia housing groups overflow with students seeking those already set up in a house searching for people to fill rooms and help further divide rent – most of which aren’t available until November at the soonest. Little can be done beyond playing the game of chance between daily calls and countless waitlists; especially for those relocating from a distance away. With the school year in full swing and many hoping to snatch up a November rental, time will tell how the hunt unfolds.
