A 22-unit Capitol Hill apartment building at Harvard and Pike is affordable to locals, accessible to mostly culturally conscious visitors, and — so far — sustainable as a real estate investment. Over the past 13 years, management of the St. John’s Apartments might have stumbled upon a novel solution to a small part of Seattle’s affordability crisis.
However owners of properties won’t be allowed to have more than 3 units of short term rental under the new rules and regulations set up by the city. Here is a situation where the owners are doing a very admirable job of making housing affordable, but city regulations will stifle it. I imagine few owners are as generous as these owners, but perhaps the city can craft an amendment to their new policy?Today, studio and one-bedroom units in the building are priced at $850 or below. Meanwhile, seven of the units are available for short term rental for between around $80 a night to $200 for the larger two bedroom spaces.