The rise in vacancies across Seattle is directly linked to the rate of newly constructed apartments, according to Capital Economics, and it’s increased from 5.2% at the end of 2019 to 7% by midyear 2023. Already, Seattle’s asking rent growth rate is at -2% and could fall further.
I'd really encourage people to actually read the article too. This is a direct consequence of increased construction, and just another piece of evidence to add to the rapidly growing pile showing that adding new housing stock - of any and all kinds - does cause a reduce pressures on rent.
10 Comments
BraveSirZaphod@kbin.social · 13 pts · 2y
I'd really encourage people to actually read the article too. This is a direct consequence of increased construction, and just another piece of evidence to add to the rapidly growing pile showing that adding new housing stock - of any and all kinds - does cause a reduce pressures on rent.
TheTetrapod@lemmy.world · 12 pts · 2y
Maybe in 3 years I'll be able to afford an apartment in one of the fancy new 5-over-1's.
Varyk@sh.itjust.works · 10 pts · 2y
It's a start
Treczoks@lemmy.world · 8 pts · 2y
A drop of 30% means that a bit of air has been let out of the big bubble. Nothing more. Prices in Seattle are still ridiculous.
subignition@kbin.social · 6 pts · 2y
And yet I doubt the rents will drop...
michaelmrose@lemmy.world · 1 pts · 2y
Maybe rents should be capped at a percentage of fair market value. We are a city of 50% renters and a fraction of 1% landlords.
subignition@kbin.social · 1 pts · 2y
That, and/or the amount of profit one can collect from anything relating to residential zoning should be capped harshly, like 10-20%
21Cabbage@lemmynsfw.com · 5 pts · 2y
Oh no.....
sleet01@lemmy.ca · 2 pts · 2y
TheGoldenV@sh.itjust.works · 5 pts · 2y
Oh yeahhhhhh