Unprecedented Renter Demand Warrants
Record Supply Wave in the Puget Sound
Absorption soars to record high. High-paying job additions in Seattle are driving in-migration, which, in turn, is fueling apartment leasing in the region. Renters are returning to the urban core in force, with net absorption in the CBD approaching the 6,000-unit mark over the past four quarters ending in March, which is an all-time high. Suburban submarkets in the Puget Sound registered historic levels of leasing activity as well during that span, contracting metrowide availability to a 20-year low entering the second quarter. Moving forward, the metro is well positioned to sustain this momentum. Seattle's population is expected to increase by more than 220,000 residents over the next five years. Additionally, over half of this population growth will come from in-migration. Households moving to a new city are more likely to rent, further bolstering regional apartment demand.