Hottest Apartment Submarkets Enjoy Double-Digit Rent Growth
We asked Axiometrics VP-research Stephanie McCleskey where the hottest apartment submarkets in Seattle are, based on the company's recently released Q2 numbers. It's a long list. "Considering rent growth alone, it would seem as though the Bothell/Woodinville, Edmonds/Lynwood, Renton and West Seattle/Burien submarkets are especially hot," she tells us. "All have double-digit rent growth and, with the exception of West Seattle and Renton, are seeing slightly higher occupancy on a year-over-year basis." The report found overall annual rent grow is 7.8% and occupancy is 95.9%.
Stephanie adds, however, that that three of the submarkets—Bellevue, Downtown and North Seattle—are receiving more than half of the metro’s 7,671 units forecast for 2015. "Though rent growth for these three submarkets isn’t in double digits, all three did enjoy a rent-growth uptick from the year before, though occupancy has fallen off in two of the three submarkets," she says.
