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.
FULL STORY: Bad timing: As thousands of new apartments open, Seattle's rental market weakens
Seattle Legalizes Co-Living
A new state law requires all Washington cities to allow co-living facilities in areas zoned for multifamily housing.
NYC Officials Announce Broadway Pedestrianization Project
Two blocks of the marquee street will become mostly car-free public spaces.
Denver's New High-Rise Integrates Vertical Canyon in Architectural Design
Unlike other new builds in Denver, Colorado, a new high-rise reveals a unique “sculptural canyon” running vertically through the facade to foster a sense of community and connection to nature.
Opinion: Federal Government Must Continue Supporting Rural Housing Program
The incoming Congress will have a say in bolstering — or harming — the only federal housing program focused on affordable housing in rural areas.
Chicago Budget Fails to Include Snow Plowing Program
Disability rights advocates say the “Plow the Sidewalks” program is a necessity for Chicagoans with limited mobility in winter months.
Indy Bike Share Sees Sharp Growth Thanks to Free Pass Program
A new fleet of e-bikes and free access for Marion County residents are getting more people on bikes.
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.
Village of Glen Ellyn
American Planning Association, Sustainable Communities Division
HUDs Office of Policy Development and Research
HUDs Office of Policy Development and Research
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport
Rockdale County Board of Commissioners