Seattle Multifamily Market Overview
Seattle possesses a strong multifamily housing market that has shown excellent growth in almost every conceivable category in terms of both long- and short-term lenses. As of Q1 2019, the city’s number of inventory units sits at 150,728 – an increase of approximately 7,800 since Q1 2018 and 29,500 since Q1 2015. In addition, rents have also seen growth, posting a modest 1.5% increase since Q1 2018, as well as a staggering 18.9% increase since Q1 2015. The city’s rents are expected to jump in the near future, too, with CoStar projecting the Q1 2020 market asking rent to be at $1,903, a 7.5% increase. However, while the city has increased its multifamily inventory, its vacancy rates have actually dropped. The QTD vacancy rate sits at 5.8%, compared to 6.4% in Q1 2018 and 6.3% in Q1 2015. CoStar forecasts Seattle’s vacancy rate to continue dropping, estimating a 4.6% vacancy rate in Q1 2020. Looking forward as a whole, in order to appease Seattle’s growing population of young adults that largely prefer to rent rather than own, numerous multifamily developments are currently underway.
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