Photo: Joe Wolf/Flickr
Seattle has struggled to meet the housing demand of the city’s growing population, but a new report by Dupre + Scott Apartment Advisors of Seattle says we have the opposite issue when it comes to apartments.
The report shows that Seattle apartment vacancy rates have increased 0.2 percent from last month. That seems like a insignificant change until you consider that it brings the total vacancy rate to 3.5, the highest it’s been since fall 2010.
The abundance of supply is helping to stabilize rent in Seattle. Fewer landlords intend to raise rent as the demand for apartments slows.
“In a survey of landlords, only about a third told Dupre + Scott that they planned to increase rents over the next six months by an average of 3.6 percent. That’s a big change from 2011-14, when more than 60 percent consistently said they planned to raise rents,” reported PSBJ.
Per PSBJ, the outlying suburbs may not fair as well. Of the projected 58,000 new apartments developers hope to open between 2016 and 2020, nearly 36,000 are in Seattle. Bellevue is expecting 4,600 units, followed by Redmond with 2,600 units, and Tacoma with 2,000 units.
Is apartment living the sustainable future for this growing city? Only time will tell.