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Where does Seattle multifamily development stack up?

  • ​The Seattle metro area currently has the fourth most multifamily units permitted, with over 13,000 unit starts.
  • Despite record development, rent growth remains robust at 8.5 percent  across the region and vacancy sits at 3.3 percent.
  • With impressive market dynamics and stable economic drivers, Seattle’s future looks bright. Single family inventory is extremely limited, so renting is the most viable option for the rising Millennial generation taking over the work force.
  • In 2016, over 61,000 new jobs were added to the market and 87,100 people moved to the state of Washington. Only 9,486 units were added to the market last year. ​

Source: JLL Research, Axiometrics, Census Bureau​

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