Skip Ribbon Commands
Skip to main content

A historically strong apartment absorption rates is resulting in a healthy investing market

  • Historically,  for every 9 jobs added to the Seattle metro area, one apartment unit was absorbed. After the recession, this number decreased to only 7 new jobs needed to absorb one unit. This shows a higher demand for multifamily living.

  • The currently there is historically high demand for multifamily units with only 5 new jobs needed to absorb one multifamily unit. This is reflective in part due to a high number of new jobs and as a result, annual absorption of multifamily units has doubled.

  • New development continues to surge in the Puget Sound, with a significant number of multifamily units scheduled to deliver over the next 4 years. Despite the record number of unit deliveries, the strong absorption rate indicates a healthy investing market with ample opportunity for further expansion.

  • The multifamily vacancy rate sits at just 3.9 percent and rents have continued to grow at over 7.0 percent for the 4th year in a row.

  • The increased rental demand can be contributed to several regional obstacles preventing ownership in several neighborhoods. The congestion on I-5, the centralized regional employment hub and the low supply of single family homes has created a platform for elevated demand for rental units.​

Source: JLL Research, Washington  Employment Security Department, Axiometrics

Get our latest insights


Connect with us