Monday, April 27, 2015

Seattle Apartment Market

Awesome. The word "awesome," used casually nowadays, can be used in its stricter original meaning when referring to the Seattle area apartment market. The numbers are remarkable. A total of 13,843 market-rate apartments completed construction over the two-year span 2013–2014, including 6,793 in 2014. 

Occupancy, high to begin with, barely flinched: with net absorption over the two-year span running at 12,106 units, the vacancy rate had added only 50 basis points since year-end 2012 to close 2014 at just 4.6%. The gain for 2014, amid 6,034 units of positive net absorption, was just 20 points. During the fourth quarter of 2014 alone, the completion of 1,548 units met with 1,261 units of net absorption while the vacancy rate added 10 basis points.

--as reported by REIS Report 04/24/2015 

Happy Investing!

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