Demand for housing in and around Seattle is way up—so much so that the region led the entire country in the number of apartments it has filled so far this year.
"The Seattle area is filling up new apartments faster than any region in the country, suggesting demand for housing is starting to catch up with the record construction boom," reports Mike Rosenberg. The news is "not a great sign for tenants hoping landlords get desperate and drop rents," adds Rosenberg.
Specifically, 10,000 extra apartments units got tenants in the 12-month period ending in March. In the first three months of this year, Greater Seattle filled about 3,400 new apartment units, more than any other city in the country (not even New York City could keep up).
The data from real-estate data firm RealPage reveals the next chapter in the narrative of simultaneous building and population booms in Seattle.
The new figures offer fresh insight into the years-long, multibillion-dollar experiment being waged by developers as they build more apartments in the city of Seattle this decade than in the previous half-century combined, betting on the long-term economic health of the region. Will enough renters eventually materialize to fill them, or will the city have a skyline of empty ghost apartments?
For while it looked like perhaps Seattle developers had built beyond the demand for housing in the region, but now housing is filling up as quickly as it can be built, according to Rosenberg.
FULL STORY: Renter boom: Apartments filling up faster in Seattle area than anywhere in the U.S.
Commentary: San Antonio Needs ‘Thoughtful Reforms’ to Improve Affordability
The growing Texas city needs a new approach to meet its residents’ housing and mobility needs.
Texas Housing Market Starting to Resemble the California Housing Market
The hordes of people moving to Texas every year could soon encounter the same kinds of housing affordability challenges they left behind.
Renters Now Outnumber Homeowners in Over 200 US Suburbs
High housing costs in city centers and the new-found flexibility offered by remote work are pushing more renters to suburban areas.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Restaurant Patios Were a Pandemic Win — Why Were They so Hard to Keep?
Social distancing requirements and changes in travel patterns prompted cities to pilot new uses for street and sidewalk space. Then it got complicated.
In California Battle of Housing vs. Environment, Housing Just Won
A new state law significantly limits the power of CEQA, an environmental review law that served as a powerful tool for blocking new development.
Boulder Eliminates Parking Minimums Citywide
Officials estimate the cost of building a single underground parking space at up to $100,000.
Orange County, Florida Adopts Largest US “Sprawl Repair” Code
The ‘Orange Code’ seeks to rectify decades of sprawl-inducing, car-oriented development.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
JM Goldson LLC
Custer County Colorado
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Jefferson Parish Government
Camden Redevelopment Agency
City of Claremont