Apartment Onslaught: Puget Sound Rentals Grow Exponentially

Posted: May 5th, 2011 by Just Real Seattle

Construction of apartment buildings in our area is poised to explode – and so are rents. With the recent strain on the housing market, some are opting to rent instead of buy. As well, developers are looking to get as many apartment buildings up as possible to feed this demand.

Tom Cain of Apartment Insights notes that a 48% rise in the number of apartment projects entering the development pipeline in King and Snohomish counties and 32 projects totaling 4,931 units in these counties have obtained zoning approval in preparation for moving through the permitting process.
 
Millions are being filtered into these developments with plans to offer the units at inflated rents relative to those we see currently; while rent is $1,045 for a 700-sq ft unit in Downtown Seattle, Sixth & Lenora plans to rent a comparable unit for $1,900 when it’s completed. So while buyers are still enjoying impressively low interest rates and sellers are beginning once again to see multiple-offer situations, those shying away from the real estate market after the upheaval of the past few years are going to have to dig a little deeper in their pockets for the luxury of not owning a home.

2 Responses to “Apartment Onslaught: Puget Sound Rentals Grow Exponentially”

  1. January 14, 2012 at 9:10 am, ?? said:

    This Financial Advice I read on Google From your website I Found Very Helpful thanks For the Nice tips Looking Forward To Reading More From You !!

    Reply

    • January 20, 2012 at 7:33 pm, Brad said:

      Excellent! Thank you for the great feedback. We’re in the midst of bringing on some guest bloggers with expertise in such subjects as lending, energy efficiency and more.

      Reply

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