Diverse Options for a Market in Demand

At DSA, we envision downtown Seattle as everybody’s neighborhood, and that’s reflected in the area’s growing residential population. Downtown’s residential growth reflects an influx of young workers, families and empty-nesters who are moving here to enjoy the benefits of a vibrant city core: transportation options, sports, cultural attractions, world-class shopping and dining, an active parks scene and more.

Housing Mix

Downtown Seattle’s assortment of housing options and amenities enables students, families, young workers and children to be part of the fabric of downtown. The demographic variation indicates a center city growing inclusively and sustainably. With an increasing number of families favoring urban living, expanding downtown’s stock of larger units is becoming increasingly important.

Residential Development

In the past 10 years, more than 20,000 residential units were added to downtown’s inventory and more than 30,000 are under construction or in development. In 2017, 5,723 residential units were completed and another 3,626 residential units are scheduled for completion by the end of 2018. Apartment construction represents the majority of new units coming online.

Market Stats

While new development has kept rent increases in check in recent years, strong demand from an ever-increasing residential population keeps vacancies low while market rents continue to rise.

 

Sources: housing mix data are derived from the King County Assessor and CoStar data; development data are from the DSA Development Guide (based off of permits with the City of Seattle); apartment market data are from CoStar.

Last updated August 2018. The 2018 figures are year-to-date.

If you have questions about our research, contact Elliott Krivenko:

Phone: 206-613-3255
Email: elliottk@downtownseattle.org