Seattle remains the West Coast leader for employment growth, fueling multifamily market strength
- Seattle maintains the highest employment growth on the West Coast, with a 3.2 percent year-over-year increase. Companies continue to expand, relocate and grow within the Seattle metro area. Nearly 61,260 new jobs were added in 2017, and this strong growth trend has continued into 2018.
- This robust job market is fueling multifamily rental demand despite increased supply. While over 17,000 units have delivered to Seattle in the last 18 months,rents are still growing at 4.7 percent year-over-year. The market’s multifamily strength is also exhibited in its low vacancy rate, now sitting at 3.9 percent.
- West Coast major metros remains popular destinations for millennials because of the high number of job opportunities and the desirable lifestyle.
Source: JLL Research, YardiMatrix, Bureau of Labor Statistics