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South King County experiencing exorbitant multifamily rent growth

  • ​In the past five years, there has been substantial suburban growth. South King County contains some of the fastest growing neighborhoods in the county, including Renton, Kent, Auburn and Federal Way.

  • Vacancy in the South King suburbs has been below 5 percent for the past 7 years, and year-over-year rent growth has average 8.3 percent over the same period.

  • Additionally, last year both Pierce and Snohomish County ranked number 1 and 2, respectively, as the fastest growing counties in the country.

  • Currently there are nearly 23,000 units under construction in Puget Sound region. Of that, almost 59% of those units are located in the downtown core. New construction rent in downtown Seattle currently sits at $2,135, where as rent in South King County is $1,740. Other suburban markets like Snohomish County have rents at $1,615.

  • Downtown new construction deliveries are at an all time high. Comparatively, new construction suburban supply is limited leaving significant runway for rents to grow in the surrounding Seattle neighborhoods. ​

Source: JLL Research

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