HomeNew apartment construction in Seattle continues to decline for the fifth year in a row

New apartment construction in Seattle continues to decline for the fifth year in a row

Despite the many challenges he puts in it Corona Virus Pandemic, apartment building construction has been going strong across the country. In fact, more than 330,000 new rental units are expected to be delivered across the country this year, according to recent report made by RENTCafe.

However, despite the national rental housing boom, the report found that Seattle and five other US cities are seeing a significant drop in apartment building.

According to RENTCafe findings, apartment construction in the Seattle metro area is down 19% compared to 2020, with expectations set to hit a 5-year low in 2021. Of all the cities compared to the report, it’s all about rent, the blog found. Seattle has the second largest drop in construction rates.

In total, only 7,574 new units are expected in the Seattle metro area by the end of the year. This is significantly lower than the 9,359 rentals available in 2020.

Over the past five years, RENTCafe has found a steady decline in the number of new apartment rentals in the Seattle metro area. In 2017, there were 13,350 new rental units available. In 2019, this number decreased to 11,571 units.

The Seattle proper is expected to add 3,799 new units this year, one of the top predictions in RENTCafe tests. But despite the sharp increase, it doesn’t match the amount needed to pull Seattle out of its downtrend.

Redmond, a popular city in the Seattle metro area, is adding 1,220 new units expected this year.

Nationwide, RENTCafe found only a 2.5% drop in new apartment construction, which is impressive given the challenges of the pandemic, including a shortage of qualified workers, costs for timber, financing and permits, and temporary closures.

In other parts of the country, the creation of new units is booming. The report notes that the Dallas-Fort Worth metroplex is expected to build the most units for the fourth consecutive year: 21,173 new units in 2021.

New York City retained its number two spot in the report with 19,375 new units expected to hit the market this year. However, RENTCafe says it is keeping all eyes on the Phoenix area, which ranked third in the report this year after ranking 8th in 2020 for new construction units and 15th in 2019. Phoenix and its surrounding areas can offer up to 16,000 apartments New tenancy in 2021.