With new supply surging in 4th quarter of 2012, Seattle was expected to see apartment fundamentals take a hit. Instead, the market turned in much-better-than-expected performance.
Seattle’s apartment sector saw demand and rent growth levels drop off toward the end of 2011, but surged back ahead with a strong performance in 2012’s 1st quarter. But it’ll be tough to maintain now that construction is ramping up considerably.
In part two of his examination of apartment markets with weak demand performance during Q3 2011, Greg Willett looks at Seattle.
The Pacific Northwest metros are dominating the national leaderboards in just about every key category at the midpoint of 2011.
Greg Willett and Jay Parsons look at three apartment markets that have significantly outperformed expectations so far in 2011.
Not long ago, Seattle was one of the nation’s worst-performing markets. But as of early 2011, Seattle ranks among the best.
Seattle looks well on its way toward recovering the substantial revenue losses suffered in 2008-2009.
While most parts of the country have seen new apartment completion totals diminish of late, annual new supply in Seattle reached the highest levels in more than a decade. How have all these new units affected the apartment market?