{"id":1435,"date":"2021-07-26T10:53:30","date_gmt":"2021-07-26T10:53:30","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1435"},"modified":"2024-02-06T11:13:33","modified_gmt":"2024-02-06T11:13:33","slug":"seattle-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/seattle-multifamily-market-report-summer-2021\/","title":{"rendered":"Seattle Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Reopening, Stimulus Funds Bolster Outlook<\/h3>\n\n\n\n<p>Following nationwide trends, Seattle\u2019s fundamentals continued to improve going into the second quarter. As of May, rents were up 0.4% on a trailing three-month basis, to $1,813, above the $1,428 U.S. average. As gateway markets gradually rebound, Yardi Matrix expects Seattle gains to strengthen through the summer.<\/p>\n\n\n\n<p>In the 12 months ending in March, the metro lost 92,300 jobs, for a 6.8% contraction. There were, however, three sectors recording gains: Information, construction, and professional and business services added a total of 11,100 positions. As of April, unemployment stood at 5.4% in Washington and 5.7% in metro Seattle, both below the 6.1% April U.S. rate. While Mayor Jenny Durkan and the city council have outlined a rescue plan to kickstart the economy, $631 million in federal stimulus funds was carved out for King County and $128 million in direct aid for Seattle.<\/p>\n\n\n\n<p>Seattle had 25,255 rental units underway as of May, 74% of which are in upscale projects. Nearly one-third of the pipeline is expected to come online by year-end. With the market taking a hit during the downturn, occupancy in stabilized properties declined 110 basis points in the 12 months ending in April, a significant drop but relatively in line with other large coastal metros. Meanwhile, sales were off to a moderate start in 2021, with some 1,500 units trading for $596 million in the first five months of the year.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1293-MatrixMultifamilySeattleReport-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily Seattle Report-Summer 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Reopening, Stimulus Funds Bolster Outlook Following nationwide trends, Seattle\u2019s fundamentals continued to improve going into the second quarter. As of May, rents were up 0.4% on a trailing three-month basis, to $1,813, above the $1,428 U.S. average. As gateway markets gradually rebound, Yardi Matrix expects Seattle gains to strengthen through the summer. In the 12 [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,468],"class_list":["post-1435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","tag-seattle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Seattle Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"With additional incoming stimulus funds, the metro&#039;s multifamily market is improving, and gains are expected to grow through the summer.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/seattle-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seattle Multifamily Market Report \u2013 Summer 2021\" \/>\n<meta property=\"og:description\" content=\"With additional incoming stimulus funds, the metro&#039;s multifamily market is improving, and gains are expected to grow through the summer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/seattle-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-26T10:53:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-06T11:13:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/07\/Seattle-Matrix-Report-iStock-1322158214.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Timea-Erika Papp\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Seattle Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog","description":"With additional incoming stimulus funds, the metro's multifamily market is improving, and gains are expected to grow through the 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