Seattle Centric: 2012 a Banner Year for Multifamily in Puget Sound

Oh, Seattle, how we love thee! It’s a new year for our fair city–let’s see what 2013 brings in the way of apartment market news.
Seattle Centric

Wall Street Journal: Seattle lead the nation in rent increases last year

spaceneedle_seattle_seaplane_511671_hNow that 2012 has come to a close, experts are crunching the final numbers as we reflect on the year. We all know that last year was great for rents; according to the Wall Street Journal, Seattle actually lead the pack when it came to increased rent amounts. The average monthly rent in Seattle was $1,060 last year–that’s up 5.8% from the previous year. While rents rose in other cities, none had quite such a high percentage of growth; San Francisco came in second, with a 5.7% increase (to $1,970), while Houston trailed with a 5.5% (putting rents at just $787). Check out the full article in the WSJ here.

Net Zero apartments now leasing in Queen Anne

Screen shot 2013-01-10 at 8.21.26 PMWorried about your carbon footprint? Maybe it’s time for a move to Lower Queen Anne. Stream Uptown, with 118 units starting at $1,132/month, is billing itself as Seattle’s first net zero apartment community–that’s a building where, as the Seattle PI put it, the developers have “fully mitigated its carbon footprint for construction and ongoing operation.” So just how will they pull that off? The PI reports that the building will utilize green building materials, install solar panels on the roof, and utilize a reverse-cycle chiller; in addition, the carbon footprint of construction will be mitigated by the developer’s planting of 60 trees in Magnuson Park. Check out the story in the Seattle PI. 

Dupre+Scott: 2012 apartment sales “well above average”

Screen shot 2013-01-10 at 8.27.58 PMSo we know that rents were up, vacancies down in 2012–but just how well did apartment sales do? Patty and Mike over at Dupre+Scott have the answers for us, as they so often do, in their Apartment Sales Volume Trends recap, released on their website last week. Highlights include the following: Investors purchased nearly $2.7 billion in apartments over the course of 2012; as Dupre+Scott put it, “that’s the third highest volume year ever.” When we compare 2012  to the other high-volume years–2005 and 2006–we see that while the dollar amount kept pace with those years nicely, the number of units sold was actually just average. In 2012, buyers paid an average of $138,000 per unit–that’s up from $96,000 in 2005. Check out those highlights and more here.

Available for rent: Unit in Queen Anne High School

Some say there are two kinds of people in this world: those who hated high school, and those who would go back to high school in a flash because it was the time of their lives. Now, the latter–at least those who live in Seattle–are in luck. A one-bed, 1.5-bath unit is now renting in historic Queen Anne High. The unit is gorgeous (nothing like the high school classrooms we spent four years in), with vaulted ceilings and painted brick interior accents. Check it out over at urbnlvn.com.

201-galer-st-300x225That’s all we’ve got for you today. Is there Seattle-centric news you think we should cover? Let us know in the comments! In the meantime, have a great weekend…and stay warm out there!

 

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