Seattle Tops Nation in New Apartments
According to the Seattle Times, “In 2016, there were nearly 21,000 occupied rental units in the city built since the start of the decade. That means recently constructed apartments make up 12 percent of the total rental stock.” Seattle ranks #1 out of the 50 largest U.S. cities for having the highest concentration of newly constructed apartments.
Majority of the renters are millennials due to the constant influx of young employees that are coming into the city for Seattle’s booming tech industry. Recent census reports show that “65 percent of apartment units constructed this decade have a resident under the age of 35.” Portland ranks #2 with 52 percent followed by San Francisco as #3 with 39 percent.
Although the number of new apartments have reached record high numbers, it is still not enough to keep up with Seattle’s housing demand. In addition, older and more affordable units are becoming harder to find. As a result, potential buyers are stuck renting at an alarming cost. With the lack of affordable housing and high rental values, young buyers are having a tough time navigating through this crazy market.
Read the full article from the Seattle Times here.