Despite Record Number Of Units, Rents Are Still Rising

rentIf it seems like construction cranes are sprouting like spring tulips in the Seattle skyline, there is good reason: 56 new residential buildings are under construction, planned, or recently completed in Downtown Seattle, which will add 12,392 new residential housing units to the market by then end of 2015. That number will break the record for number of units built in one year, which now stands at 10,056 units built in 1989. Normally, when inventory increases the market sees vacancy rates increase and rents level off, but with Seattle’s booming job market and continued influx of people wanting to call the Northwest home, that has not been the case. Average rent in King Country has climbed to $1,341 per month, with downtown Seattle and Bellevue topping that at $2,084 and $1,961 respectively.

According to the Puget Sound Business Journal, the average rent in King and Snohomish counties is up $28, or 2 percent, over the first quarter of this year, and the vacancy rate for existing buildings is 4.46 percent, which is down slightly since the end of last year. Newly built properties are posting vacancy rates of 4.3 percent. MyNorthwest.com quotes a report from the CoStar Group, a real estate data and information company, that states in order for “vacancies and rents to remain at healthy levels, developers need to dial back new construction after 2015.”

If you are interested in renting in the Seattle area, contact your local real estate agent today!

Holland Development Plans Huge High Rise on 9th & Pine

If you’ve always dreamed of living in the highest high rise apartment building in Seattle you’re in luck…. Holland Development is planning the construction for your new humble abode right now! According to a report today in the Seattle Daily Journal of Commerce,  Holland is preparing to start construction on what will soon be noted as Seattle’s tallest apartment tower. The building will sit on the Southwest corner of 9th & Pine just West of the Paramount Theater and will stand nearly 40 feet taller than the nearby Aspira building. The building is planned to be 440 feet tall, with 386 units and 269 parking stalls. While this might seem like a hefty project for Holland Development by itself, they also have 6 other projects in the works and will be responsible for putting 1,400 new apartment units downtown. For more information on the project please visit the Daily Journal of Commerce.