According to the Seattle Times, there are 1,200 market-rate apartments in various phases of construction in Ballard, with hundreds more planned for the future. The question has come up for residents and those fond of the neighborhood: Is Ballard at risk of being overbuilt? Developers form Chicago and Virginia are building large high rise complexes where Jacobsen’s Marine and other longtime Ballard businesses once set up shop.
Sometime in 2014, when all of those building are completed, the number of units available in Ballard is projected to increase 70%, more than any other neighborhood in Seattle. And that doesn’t even include other projects that haven’t broken ground, another 750 or so that should be completed by 2015. During the recession few buildings were planned, and the last building completed in Ballard was built over two years ago. Developers are responding to the high demand for rentals today, with an influx of young adults who are looking for in-city living at a time when there’s little new inventory available. Analysts believe that in a year or so, when all of the new construction becomes available, supple and demand might be imbalanced, and the number of inventories might outweigh the demand. Rents will be lower and stabilize, and landlords might start throwing in bargains like a month’s free rent. For more information on the Ballard apartment boom, visit the Seattle Times.