Currently, there are almost 10,000 new apartments set to open in Seattle in the year 2017, which is twice as many as Seattle has seen in any previous year.
The amount of apartments that are opening in Seattle is in the thousands, and it seems as though more apartments are going up every month. Seattle, as a city, has been doing a tremendous amount of construction in recent months, which is expected to continue for years to come.
The city will likely see more apartments constructed within the next ten years than they have seen constructed in the past fifty.
Seattle Times reporter, Mike Rosenberg said, “The city typically sees about 1,000 rentals built each year, but in the last few years, they have seen about 5,000 go up” which is a clear indicator of a “rental boom.” Seattle has been a hot spot in recent years with the demand for rentals constantly increasing.
Many people are relocating to Seattle, which is why the massive amount of rentals are being built.
However, the price of rentals in Seattle has been a huge issue for many people. At Dupre and Scott, an apartment market investment research firm, they are predicting that the surplus of apartments will help slow down the rent increases in Seattle which have been tremendous over the past few years. The firm believes that the rent will only increase five or six percent, which would be the slowest increase since 2011.
However, many people believe that because the apartments being built are luxury apartments, many people will not be able to afford them.
For many “middle-class renters,” the new apartments might be out of budget. The new apartments won’t do much good if people cannot afford to rent them and that’s a growing concern as well.
It will take time to discover whether or not the surplus of apartments will serve as a positive or a negative for potential renters.
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