Lots of ConstructionWednesday, September 26th, 2012
Well if the Seattle Times and/or the apartment prognosticators are correct, rent growth should slow in the next twelve months as more and more of the new apartment projects get finished—see the attached link to an article in the Seattle Times today.
I would think that there will be some impact on rents and vacancies with these new projects. The greatest impact will be on higher end apartments. Thereafter, I’m sure there will be some trickle-down effect, how much is anybody’s guess.
Still, the market is very strong now for well located, clean apartments. Another item that tends to be in high demand are hardwood floors. Our units with hardwood floor almost always rent much more quickly than carpeted apartments.