It is hard to believe that the apartment construction spree started merely in 2012 as we see there are 67,507 apartment units in various stages of the pipeline. In Seattle, there are 23,572 apartment units under construction, of which 24% is on the suburb East of Lake Washington, and 58% in the city, 9% in Snohomish county, and 9% in South King County. The construction of 11,600 units in these large buildings has been completed or is scheduled to be completed within this year. 14,293 units are estimated to be completed by 2018 and for the year 2019, the count is 7,053 units, making a grand total of 67,507 apartments.
With almost record breaking levels in excess of 9000 per year, the year 2018 will be a monster year for new constructions. This has resulted in making crane counting a thing! A few weeks ago the crane count in Seattle was 61 and this excludes the many sites waiting for new cranes to come.
Seattle is Eight Most Expensive Rental Market in U.S.
There was a 7.9% rise in June for persons asking rent for one bedroom apartments in multifamily buildings. The rents for two bedrooms rose by 4.2% and reached $2,500 and this has made Seattle, the 8th most expensive rental market in the U.S. Rental incentives have dropped on a $7 per unit per month from $13 in Q1. Down from 21% in Q1, only 14% of the properties offered incentives in Q2. Rents have surged 7.6% year over year and have reached $1,667 per month.