In Seattle’s housing market, the need for rental units keeps increasing. To accommodate this need, many property owners are renovating their apartment buildings. Will the supply ever be large enough to handle the demand?
In total, there are approximately 23,500 rental units under construction in the great Seattle area. While the majority of these homes are located within the city of Seattle, there is also a boom of construction East of the city. 24% of the units being renovated are located on the Eastside, proving that the region surrounding Seattle is growing along with the major city.
While construction crews work year-round to complete the projects, the price of rent is also changing. Just last month the median price for a one-bedroom apartment grew 7.9%.
The rise of rental prices continues to be a cause of people seeking to buy, especially in Seattle’s suburbs. Areas such as Sammamish and Redmond can be much more realistic for buyers than purchasing in the heart of Seattle.
Even when buying outside of Seattle, the market is experiencing an influx of buyers. With more people seeking to purchase than homes for sale, it is important for buyers to remember not to hesitate when they find the house they want to make a home.
Please contact us today if you need assistance with your home buying needs.