The Puget Sound Business Journal is reporting that landlords and developers are concerned about the effects on the market from a wave of new housing supply ready to come online in the region.
"More than 11,000 new units are expected to open this year in the region, and it's forecast that an equal number will open next year," reports Marc Stiles. But here's the punch line for anyone who's been observing rental markets in Coastal cities for the past several years: "For landlords this tsunami of new apartments comes at a terrible time with the market showing signs of weakness."
The article relies on the soundbites and background provided by Billy Pettit, senior vice president at Pillar Properties, who says that demand in the region is still high, but so much new supply coming online has given landlords reason to pause. Pettit is even so bold as to credit the new supply with dragging the market more than any other factor.
The article includes data showing that the rate at which median rents are increasing has slowed, especially in the core of Seattle.
Read the full story: Bad timing: As thousands of new apartments open, Seattle's rental market weakens
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