SEATTLE (CBS) – The rental boom in Seattle and the growing number of incoming transplants have become a trending story over the last five years. Now, more than ever, the real surge is about to begin.
Seattle is set to build more apartments over the next decade than its last several combined. In 2017, about 10,000 new apartment units are becoming available, with another 12,000- 13,000 units in 2018, according to The Seattle Times.
Unfortunately, the price of these units aren’t going down anytime soon.
The Seattle area rent is rising about four times faster than the national average and more than any city in the country, according to a July report by real estate company Zillow.
Seattle apartment construction has been breaking records these last four years, and 2017 will be the year where most of these units become available.
Unfortunately for middle- and lower-class renters, most of these new units being built are luxury apartment complexes.
Seattle renters will either have to wait for them to become older or join the economic boom that’s hit Seattle.