Why all the apartment-building?
Low vacancy rate in West Seattle, says new research
March 24, 2014 at 1:20 pm | In Development, West Seattle news | 13 Comments
That image from Gatewood photographer/pilot Long B. Nguyen captures in-the-works and relatively-new apartment projects in The Triangle area – in the foreground, the former “Hole,” now Spruce, which you might have noticed has risen above street level; in the background, newer projects including Link, which opened in 2011, and at the top-center of the photo, Nova (WSB sponsor), which started leasing in 2012. Those represent just a fraction of the 3,000+ apartments (by our ongoing calculations) that are under construction/on the drawing boards/newly finished, and some wonder why so much – here’s one answer: The vacancy rate remains low. According to this new report from Dupre & Scott – who specialize in “apartment market research and advice” – forwarded to us by a WSB reader, the “gross vacancy rate” in West Seattle right now is 4.5 percent. That’s lower than the Puget Sound-wide rate Dupre & Scott found, 5 percent.
13 Comments »