Seattle region's multifamily production forecast to hit 5-year high
Soaring apartment rents nationwide are prompting developers to build a staggering number of new homes with 420,000 units expected to open this year, according to new report this week by leasing platform RentCafé.
The last time apartment completions surpassed 400,000 was 1972, when according to the company, developers delivered 464,000 rental homes.
The Puget Sound region is in on the action with construction starts announced regularly, from a 35-unit micro-apartment development in Seattle to a two-tower project with 345 residences nearby in Yesler Terrace.
With 15,341 units expected to open in the Seattle region by year's end, Seattle ranks seventh in multifamily production among the top 20 U.S. metros.
https://www.bizjournals.com/seattle/news/2022/08/26/seattle-hit-five-year-apartment-production-high.html
