Yesterday some of the Seattle Rentals staff got to take a hard-hat tour of the NOVA Apartments in West Seattle. The building is already pre-leasing units and will be available for move-in December 1st.
The NOVA is a smaller apartment community with condo-like finishes and some of the best views in West Seattle of Downtown. Instead of the pea-patch gardens that many other buildings have, the NOVA Apartments have a moonlight garden on their roof with an outdoor fireplace & a telescope.
The units featured incredible floor-to-ceiling windows which maximized the views of Downtown and expanded the feel of each space. They also had 9ft- and 17ft- high ceilings and quartz countertops throughout.
The NOVA has a variety of floor plans available is open for tours. You can view their ads on SeattleRentals.com here and here, or get more information from their website.
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In 2004 the rate of home ownership hit it’s all-time high, with 69.4% of households owning a home. This year that number has fallen to a 13-year low of 66%. This dramatic decline reflects a transition in the American Dream from owning a home with a white-picket fence to the flexibility of renting.
Image via Wikipedia
And companies are taking note of this change. Publicly-traded AvalonBay Communities has $1 billion in development projects underway to meet the growing demand for apartments. AvalonBay’s investment is grounded in a market where vacancy rates have fallen and landlords have been able to raise rents for the past seven quarters.
Seattle is experiencing this national trend on a local level, with Marcus & Millichap predicting that effective rents will rise 4.4% over last year. The lull in construction projects the last couple of years means that fewer projects are finishing this year, so there are fewer vacancies to match the increasing demand for rental units.
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