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Queen Anne, South Lake Union Lead in Seattle Apartment Construction

Several Seattle-area neighborhoods are seeing a rise in apartment activity, with thousands of new rentals hitting the metro’s rental market over the past five years. According to a new analysis by RentCafe of more than 900 U.S. zip codes, the Seattle metro landed three positions in the top 50 zip codes with the highest number of new apartments completed between 2018 and 2022. 

Redmond has the highest number of apartments across the area and saw a surge of 5,121 new units delivered in the last five years. The area north of downtown Seattle also made the list as well as the region along the city’s shoreline. 

Areas such as Queen Anne and South Lake Union saw 4,780 new rentals added over the last five years. Kirkland’s zip code also emerged as one of Seattle’s top builders. Nearly half of these units were designed for low- and mid-income renters. 


Inside The Story


About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

  • 8417 SW 24th

    PORTLAND, ORSeattle & Northwest + Apartments
    Listing Status:Available
    Listing Type:Highest & best offer
    No. of Units:17
    Cap Rate:5.52
    Year Built:2023
    Building Size:7920 Sq ft
    Opportunity Zone:No
    Price per unit:$223,529
    Learn More
  • Green Seed Apartments

    Portland, ORSeattle & Northwest + Low-Rise
    Listing Status:Available
    Listing Type:Highest & best offer
    No. of Units:31
    Cap Rate:4.91
    Average Occupancy:100
    Year Built:2020
    Building Size:19551 Sq ft
    Lot Size:18200 Acres
    No. of Stories:3
    Opportunity Zone:No
    Buy Side Fee:$1
    Price per unit:$241,935
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