Apartment construction is booming right now as developers race to meet the increased demand for rental units. This dramatic increase in new apartment construction however is centralized in Seattle, according to a recent article in the Seattle Times.
Construction within Seattle account for 85% of all of the apartment projects in King and Snohomish counties right now.
This represents a departure from the previous trend. “…Between 1996 and 2010, the city accounted for just 43 percent of the region’s new apartments.”
The drive to construct apartment buildings with Seattle primarily comes from massive new hiring within the city. Tech companies, philanthropic organizations (i.e. the Gates Foundation) and biotech companies are all bringing new employees into the city, and those employees are looking to live close to work.
Most of these new employees are in their early 30s or younger, so most are looking to rent instead of buying. Those that are looking to buy may be finding the current selection a little stale, and may be choosing to rent as they wait for more inventory to come on the market.