{"id":3558,"date":"2022-03-09T11:53:45","date_gmt":"2022-03-09T11:53:45","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=3558"},"modified":"2023-09-21T06:48:20","modified_gmt":"2023-09-21T06:48:20","slug":"seattle-housing-market-trends-february-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/seattle-housing-market-trends-february-2022\/","title":{"rendered":"Seattle Housing Market Trends (February 2022)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Rent Growth Cools As Supply Struggles<\/h2>\n\n\n\n<p><strong>Seattle\u2019s road to recovery is still slow<\/strong>, as supply chain challenges and labor shortages persisted in 2021. Through December, rents in the metro were up only 0.1% on a trailing three-month basis, while year-over-year growth was 12.4%. Mediocre numbers of new units kept Seattle rates at $2,048, well above the national level of $1,594.&nbsp;<\/p>\n\n\n\n<p><strong>Seattle\u2019s unemployment rate dropped to 3.1%<\/strong>, representing the lowest level since the onset of the health crisis, according to preliminary data from the Bureau of Labor Statistics. <strong>The employment market added 101,300 jobs across all sectors<\/strong>, up 6.2% in the 12 months ending in October. That\u2019s 90 basis points more than the national average. The metro\u2019s second-biggest sector\u2014professional and business services\u2014added 22,400 positions for an 8.5% increase. Tech giants have remained active in the metro, with both Amazon and Microsoft moving forward with their office projects in Redmond and Bellevue. Meanwhile, Meta added another 213,000 square feet of office space at the underway Building 13 in Bellevue\u2019s Spring District.&nbsp;<\/p>\n\n\n\n<p><strong>Construction slowed down in 2021<\/strong>, with developers adding 7,960 units to the metro\u2019s multifamily inventory, the lowest number since 2013. Seattle had 26,012 units across 43 multifamily properties under construction as of December, with an additional 93,000 units in the planning and permitting stages.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1531-MatrixMultifamilySeattleReport-February2022\">Matrix Multifamily Seattle Report-February 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rent Growth Cools As Supply Struggles Seattle\u2019s road to recovery is still slow, as supply chain challenges and labor shortages persisted in 2021. Through December, rents in the metro were up only 0.1% on a trailing three-month basis, while year-over-year growth was 12.4%. Mediocre numbers of new units kept Seattle rates at $2,048, well above [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":3559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,468],"class_list":["post-3558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","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 Housing Market Trends (February 2022) - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Seattle\u2019s road to recovery is still slow, as supply chain challenges and labor shortages persisted in 2021.\" \/>\n<meta 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