Good news the Seattle market apartment development is heating up (let’s hope the weather does too!) Below are the 2nd Quarter 2012 Performance Highlights for Seattle. This information comes from MPF Research, www.mpfresearch.com - for more information on other markets across the country you can click the link to see how other areas compare.
While the Seattle/Tacoma area absorbed a very solid 1,400 apartments in 2nd quarter, the metro also added a sizable quarterly block of new supply – about 1,000 units – for the first time in a couple years. Thus, occupancy didn’t shift meaningfully and now is at 95.3 percent. Effective rents for new leases climbed a hefty 1.6 percent during 2nd quarter. Over the past year, pricing in this market increased 4.1 percent overall, and the growth rate was roughly 7 to 10 percent in top neighborhood-level performers like Redmond, Kirkland/Bothell,Intown Seattle, Capitol Hill/University District/Ballard and Bellevue. Seattle is one of the spots across the country where apartment development activity is heating up the fastest. Some 6,800 units were already under construction at the end of 2nd quarter, and there are numerous additional projects that appear about ready to leave the starting gate. In particular, the Intown Seattle and Capitol Hill/University District/Ballard submarkets are about to face huge volumes of new supply.