Posted by: phillipsre | September 25, 2012

More Apartments Coming to Seattle

We have all seen it, another building demolished or vacant land available and just a few months later we see a new building coming up in its place.  A lot of these buildings are new apartment buildings. In fact, Seattle area may get a record number of new apartments over the next five years, according to a new report. Real estate investors have found that apartment buildings are a smart investment these days. And even though the vacancy rate has increased a bit, up to 4.2 percent, from 4.1 percent last spring, the market is still looking positive for apartment investors. Landlords and property managers are focused on increasing rent instead of reducing vacancies. What this means for all the new buildings is that they will be providing more concessions, to get tenants into their new buildings. Which is a nice perk for someone looking for a new place to live, these new, big buildings will need to be filled, so it is likely these managers will be providing a month free rent or other incentives to get people in the door. The new buildings will also be competing against each other, if you are in the market to rent it will be a good time to shop around and see where the best concessions are out there. These next few years will be a good time to be renting, there is a lot of opportunities!

The photo above is of a new development in Renton, called Redtown Apartments, another beautiful apartment community with brand new units and lovely amenities. Check it out, click on the photo or here for more info.


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