The Puget Sound Business Journal has dug up some numbers behind one of the trends we identified in our 2010 wrap-up of Capitol Hill development. The data will also corroborate something anybody looking for an apartment on the Hill already knows — there’s not much to rent. It’s time to start building again. From the PSBJ:
There’s been a 48 percent rise in the number of apartment projects entering the development pipeline in King and Snohomish counties, according to a new report from consultant Tom Cain of research firm Apartment Insights.
Cain’s Apartment Insights, which tracks apartments projects with 50-plus units in the Puget Sound region, shows 32 projects totaling 4,931 units in King and Snohomish counties have obtained zoning approval in preparation for moving through the permitting process. Additionally, three more projects have requested rezones.
The article also cites data that says Capitol Hill has the lowest vacancy rate for existing apartments in the Seattle area at 3.61%.
are all the new projects over 1400 per month, or are there reasonable options for the rest of us?
Not to mention that all of the new projects are so so so ugly.
Although, gentrification doesn’t care about aesthetics.
So ugly but… still better than the numerous Soviet era apartment compounds scattered about the hill. Some decades have not aged well.