Seattle Multifamily Ascent Met an Abrupt Halt Last Year
New market research released by Dylan Simon and Jerrid Anderson of Kidder Mathews offers a comparison of the Seattle and Bellevue multifamily markets. The data shows some winners and some runners up.
Seattle’s ascendency in the last decade as one of the most desirable cities for renters and apartment developers alike met an abrupt halt during the course of last year. As both renters and investors second-guessed Seattle, it didn’t take either long to make the trek across Lake Washington to settle on Bellevue as the next-best alternative, says the report.
In 2020, most all U.S. urban centers felt the impacts of COVID-19 in the form of lessened demand, yet in 2021, Bellevue continues to defy the odds. Not only did employers choose it over Seattle – but renters followed suit, leading the apartment development community to flock en masse to Bellevue, the Kidder brokers point out.
With working from home as the new norm and in some cases the only choice, many apartment-seekers searched for larger units, lower rent and locations outside of urban centers. Although suburbs on the Eastside of Lake Washington continue to experience rapid growth in development, suburban markets are not far behind in establishing development pipelines as apartment developers look northward and southward for suburban development opportunities.
“Only time will tell what to expect through the second half of 2021 and into 2022. The accelerated economic fundamentals the region experienced over the last decade may lie dormant for a brief period, but they are far from extinguished. We expect the Puget Sound region will lead the nation in recovery from the impacts of COVID-19,” said Simon.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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