The Numbers | End-of-2013 Forecasts from Marcus & Millichap

The Numbers: Rental Market Statistics from SeattleRentals.comWelcome back to The Numbers! This time around, we checked in with Marcus & Millichap for a  mid third-quarter update on apartment demand and development in the Seattle area. With so much of the year behind us already, the firm is ready to forecast the numbers for 2013–let’s see how they compare with last year’s stats. Will apartment demand keep pace with development?

3.3% projected job growth in 2013Good news from the employment sector–according to Marcus & Millichap, over 48,000 jobs have been added over this time last year–that’s already a 2.8% expansion, and it means jobs aren’t that far from 2008’s Q1 all-time high. By the end of the year, it’s predicted that job expansion will top 3.3%, or a total of 57,000 added jobs. So where are the gains coming from? The biggest gains are coming straight from the trade, transportation and utilities sector–that sector alone added over 12,500 jobs over the past four quarters.

Rental units opening in Seattle through 2015

Then we’ve got construction. According to this report, over 3,800 new units have been added to the market this calendar year–but development is easing a bit over last year, as 19% fewer multifamily building permits have been issued, compared to this time last year. Don’t expect too much of a drop in the supply, however; Marcus and Millichap are expecting 8,000 units to be completed by the end of 2013. Of the 20,000 units currently planned, developers have announced 2013 construction start dates for just 900 of them. We’ll see what pops up around town!

North Seattle / Shoreline vacancy is at just 1.5%

Oh vacancy, you’re the best–what with the way you’ve just kept dropping quarter after quarter lately. Strong job growth has lead to a vacancy rate in the Seattle Metro area of just 3.6%, and that’s an even smaller number in some submarkets–the North Seattle/Shoreline market wins the prize at just 1.5%. Vacancy is expected to rise a bit over the next few quarters, as new units come onto the market. Metro-wide, vacancy is expected to rise to 4.6% by the end of the year; we’ll find it to be a little lower or higher in certain submarkets.

Second quarter Seattle rent was $1,179

Finally, there’s rents. While vacancy has been dropping, rents have been growing–during Q2 of this year, available effective rents in the Seattle metro area jumped up 4.7%, to an average of $1,179 per month. The West Bellevue/Mercer Island submarket is where rents are highest at the moment, with an average of $1,865; meanwhile, rents in the Capitol Hill/University District/Ballard market hit $1,614. For the entire Seattle metro area, Marcus and Millichap estimate that available effective rents will jump a total of 4.9% by the end of 2013, to an average of $1,155. That’s a little down from last year’s spike of 6.1%, because of new construction; but it’s still a nice healthy increase.

That’s all we have for you this time around. Want more of the numbers? Check out Marcus & Millichap’s Third Quarter 2013 report on their website.


The Numbers: Newer Apartment Sales in King County, 2000-2013

Today, we’ve got numbers brought to you by Dupre + Scott and their weekly video update. You can tune in and watch their video here; in the meantime, check out some highlights below.

The Numbers

All numbers this week pertain to the sale of apartments in King County with 5 or more units, built in or after the year 2000, and come directly from Dupre + Scott. Enjoy!

Average newer apartment sale prices in King County, 2000 and 2013

Highest sale price per unit for a newer apartment in King County in 2013 was $357,000

Cap rates are just under 4.5%, that's down from 8.5% in 2000.


The Numbers: Economic Impacts of the Rental Industry

The Numbers

In last week’s Rental Techwe reported on a new website put together by the NMHC and the NAA that details some of the many positive economic impacts of the apartment rental industry. The site is actually the infographic for an in-depth report from the two entities–and in today’s column, we’ve got some of the more interesting numbers from that report. Time for The Numbers! 

apartments in Washington and apartments in Seattle

34 percent of residential housing in Washington consists of apartment homes

three billion dollars contributed to Seattles economy by the rental industry

apartment homes by cityFor even more fun facts and stats, check out the full report from the NAHB and NAA here.

The Numbers: National Vacancy, New Household Creation & Hurricane Sandy

Happy Turkey Week! Although it’s nearly time to break for the week and stuff ourselves silly in the loving presence of friends and family, we do have this one more business day ahead of us, so without further adieu, we present: The Numbers! (Don’t forget to click on a graphic to read its source article.) And hey, if we don’t see you…have a wonderful Thanksgiving!

The Numbers: It’s October’s Issue of Apartment Advisor!

Hey hey, the October issue of Apartment Advisor is out! This month’s issue from Dupre + Scott, ‘The Units are Coming,’ is all about the strongest trends of the moment–and that means one thing: numbers. With so many statistics to recap, we thought we’d give you The Numbers for Part 1–and there’s so much in the 12-page report that we’ll be back to recap the second half next week.

4.8% is the market vacancy rate in the Puget Sound area

21400 jobs have been added locally in the past six months and 19000 people relocated to Washington state in September

35000 new units are planned to open between 2012 and 2017

Average rent for a 1-bedroom Seattle apartment built within the past 5 years is $1726

The Numbers: Vacancy Rates, Washington Net Migration, & New Rental Households

It’s time to do The Numbers. Check back every so often for this new feature, where we’ll be reporting on the stats that have the rental world talking. And we always list our sources–click on the infographic to be redirected to the original source article or press release. Here we go, in 3…2…1.