Seattle’s Apartment Boom Will Explode in 2017: What That Means for Rents
For the last 50 years, the number of apartments added to the metropolitan area of Seattle, annually has been relatively constant and unremarkable. However, as most who live in Seattle today can tell you, since Amazon moved in, so has everyone else.
In 2017 alone, the plan is to add 10,000 more apartments, double the amount in 2016, and 2018 promises to go beyond that.
As the number of job seekers moving to Seattle continues to increase dramatically, the amount of available housing has become all but scarce. In just the last few years, rent prices have skyrocketed. As a response, the city has amended some of the regulations making it easier and more attractive for builders to move in to the city. Contractors these days are simply trying to meet the citizens’ demand.
Moving on Up!
The possible downside of the new construction projects is the level of extravagance which the builders are trying to achieve. Building costs have swelled in the last few years. In order to obtain a profit, most of the new buildings being constructed are high-class, luxury apartments. Even if the buildings themselves seem out of place and a little cookie-cutter, the upper-middle class is being targeted for these homes with roof-top terraces and on-site workout facilities.
There are new projects spreading out to the suburbs as well trying to draw some potential buyers or renters away from the heart of the city center with the promise of a newly built home and a little space to roam.
Finding the Right Answer
Unfortunately, some of the neighborhoods that are the most in need for new housing opportunities won’t see any changes or lower-cost living opportunities for quite some time. There are low-cost housing plans in the works for the coming years but will they arrive in time?
A handful of job seekers might simply pack their bags and leave because the cost of living is simply too high. There are even a few who have fears Seattle could fall victim to a housing crisis and find itself unable complete many housing projects in the future.
The long-term goal is to stabilize the market and find a good medium between supply and demand. While the building projects may not be a mass solution for the droves of newcomers, they are freeing up space. With the hope of quickly replacing tenants, for the first time in almost a decade renters are negotiating price with landlords again.