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Seattle’s Microhousing Market Maintains Exceptionally Strong Fundamentals

Multifamily microhousing may still be a contentious asset class to Seattle city officials, but it has been normalized among both investors and renters over the last decade, according to Kidder Mathews’ 2019 Microhousing Market Study, released by Dylan Simon’s and Jerrid Anderson’s multifamily investment team.

“Seattle’s residents have spoken, and they see microhousing as viable housing that offers them an affordable option to live in the best neighborhoods in our city,” said Anderson.

The regulatory environment for multifamily microhousing – which includes congregate units, micro studios, and Small Efficiency Dwelling Units (SEDU) – has been in flux over the past decade due to policy changes. This impact is evident in Seattle’s multifamily microhousing development pipeline, with only two micro studios projects under construction and two in permitting. SEDUs, however, have faced fewer regulatory barriers, and there are nearly 3,000 SEDUs under construction or with approved plans, which would effectively double the existing stock of SEDUs in the next 24 months.

There were seven sales for this microhousing category at a price-per-unit 15% higher than the sales prior to 2019. Microhousing sales in Seattle yielded an average price-per-square-foot 34% higher than sales of market-rate apartments.

*Pictured Footprint Phinney Ridge

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Inside The Story

Read more at Kidder Mathews 2019 Microhousing Market StudyConnect With Kidder Mathews’ Anderson

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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