Renters by Choice Driving Apartment Demand
Apartments in Seattle are being coveted. Just look at theLyric on Capitol Hill, a 234-unit property developed by Pillar Properties. Leasing started on Nov. 1 last year, and by this week, the property is 95% occupied. Pillar Properties prez Billy Pettit tells us that the market has changed pretty dramatically for people who are renters by choice.The apartments built today much more closely mimic what used to exist only in the home ownership market, he says. The quality gap between apartments and condos has lessened.
That means renters can live in prime urban neighborhoods in apartments that provide the amenities they want. Billy isn't sure if this is a permanent change in terms of propensity to rent versus own. He predicts we'll likely see movement back in the direction of ownership, but to a lesser degree.
