The rise in vacancies across Seattle is directly linked to the rate of newly constructed apartments, according to Capital Economics, and it’s increased from 5.2% at the end of 2019 to 7% by midyear 2023. Already, Seattle’s asking rent growth rate is at -2% and could fall further.
I’d really encourage people to actually read the article too. This is a direct consequence of increased construction, and just another piece of evidence to add to the rapidly growing pile showing that adding new housing stock - of any and all kinds - does cause a reduce pressures on rent.
Maybe in 3 years I’ll be able to afford an apartment in one of the fancy new 5-over-1’s.
It’s a start
A drop of 30% means that a bit of air has been let out of the big bubble. Nothing more. Prices in Seattle are still ridiculous.
And yet I doubt the rents will drop…
Maybe rents should be capped at a percentage of fair market value. We are a city of 50% renters and a fraction of 1% landlords.
That, and/or the amount of profit one can collect from anything relating to residential zoning should be capped harshly, like 10-20%
Oh yeahhhhhh
Oh no…
