{"id":6166,"date":"2023-08-14T04:56:32","date_gmt":"2023-08-14T04:56:32","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6166"},"modified":"2023-09-12T15:32:35","modified_gmt":"2023-09-12T15:32:35","slug":"seattle-multifamily-market-report-july-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/seattle-multifamily-market-report-july-2023\/","title":{"rendered":"Seattle Multifamily Market Report \u2013 July 2023"},"content":{"rendered":"<h2>Demand Still High, But Deliveries Moderate<\/h2>\n<p>The Seattle multifamily market <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/seattle-multifamily-market-report-february-2023\/\">has taken a hit due to the overall deteriorating economic landscape<\/a><\/strong>, increasing cost of capital and ongoing layoffs in the tech sector. The metro\u2019s rent movement turned negative on a year-over-year basis as of May, at -0.9%. That was far below the 2.5% U.S. rate of rent growth. Demand was fairly robust in the metro, with occupancy remaining at 94.9%.<\/p>\n<p><iframe id=\"datawrapper-chart-zTo1m\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Seattle  vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/zTo1m\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>After returning to pre-pandemic values in November of last year, Seattle\u2019s unemployment rate kept improving, reaching 3.0% in April, according to preliminary data from the Bureau of Labor Statistics. The job market expanded 3.8% year-over-year as of March, adding 64,300 new jobs. Leisure and hospitality, which was one of the hardest-hit sectors during the pandemic, gained the most new positions (16,100).<\/p>\n<p><iframe id=\"datawrapper-chart-Xwxo4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Seattle Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Xwxo4\/1\/\" height=\"583\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers only delivered 1,582 units in Seattle in 2023 through May, 0.6% of total rental inventory. After delivering a record 12,400 units in 2022 and nearly doubling the 2.4% U.S. rate of delivery, the percentage of stock in Seattle was in line with the U.S. through the first five months of 2023. The number of construction starts also declined from last year, with only 3,385 units breaking ground this year. Per-unit prices are still among the highest in the nation and well above the national average, although they dropped 21.2% from 2022 averages, to $307,247 this year.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4209-MatrixMultifamilySeattleReport-July2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Seattle Report-July 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Demand Still High, But Deliveries Moderate The Seattle multifamily market has taken a hit due to the overall deteriorating economic landscape, increasing cost of capital and ongoing layoffs in the tech sector. The metro\u2019s rent movement turned negative on a year-over-year basis as of May, at -0.9%. That was far below the 2.5% U.S. rate [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,468],"class_list":["post-6166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 July 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Following eight months of deceleration, Seattle\u2019s rent growth picked up in May on a T3 basis, rising 0.3%, though YoY movement was -0.9%.\" \/>\n<meta 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