Downtown Seattle Steadily Attracting New Residents

downtown condo1The Downtown Seattle Association held its state of downtown economic forum yesterday, and one of the major takeaways of their economic report was that the state of the downtown housing market is strong. Not only are increasing numbers of people calling downtown home – 16 percent of Seattle’s total population growth between 2010 and 2014 happened downtown – but more and more of them have families, with the number of children living downtown having increased by 17 percent since 2010. Overall, downtown residents tend to be younger, more well-educated, and more likely to live in a single-person household than the rest of Seattle as a whole.

Though only two condominium projects are currently under construction downtown, 3,089 residential units (the majority of which are apartments) are set to be in the construction phase in 2015, with 2,642 more in the works for 2016. Currently, the majority of apartment units downtown are small – an average of 638 square feet – but with the influx of families we could see a trend toward larger two- and three-bedroom units.

Overall, it’s going to cost you more on average to rent downtown compared to other areas of the city. Average rent downtown in 2014 was $1,904 per month, whereas the average for Seattle as a whole was significantly lower at $1,485 per month. Similarly, the median price for condos downtown stood at $409,500, a staggering 40 percent higher than the $292,500 median price for condos in the city of Seattle as a whole. Despite the relatively high prices, the vacancy rate remains under 4 percent. Visit the DSA website to read the economic report in its entirety.

If you are interested in renting or buying a home in Downtown Seattle, contact your local real estate agent today!

City Council Budget Meeting Friday – Push for Public Safety

safetySeattle City Council will be holding a budget meeting Friday, October 25th, at 9:30am to discuss the proposed budget’s police elements and will meet again on Monday at 2:30pm to discuss the human services budget. The DSA has been working hard to raise awareness of the public safety concerns in Downtown Seattle. Mayor Mike McGinn has included expenditures directed at public safety such as additional police officers, park rangers, shelter beds and expanded human services in his proposed 2014 budget. The DSA is asking that you email the Seattle City Council or attend the meeting Friday to voice your support of the proposed 2014 budget and focus on improving public safety Downtown.

If you would like to email the city council, please sse the email address Council@seattle.gov and bcc Jon Scholes at  Jons@downtownseattle.org so that volume of emails can be tracked. Please visit the Downtown Seattle Association website for more information on the topic.

DSA Density Report Shows Spike in Downtown Residential Growth

The DSA has released a detailed report of all of the benefits of the density of Downtown Seattle, and their findings examine everything from employment and residential density, to the effect on transportation and farm growth. Downtown residents only make up 4% of the city’s total land mass, but you might be surprised by some of the impressive stats showed compared to the rest of Seattle. By encouraging growth in residential and employment density, the benefits may finally  outweigh the challenges. seattle now

They’ve documented that the efficient use of space should contribute to our area’s jobs, salaries, and revenue. Downtown density also increases transportation efficiency through increased public transit, and a more efficient system. The DSA’s report also indicated that there are environmental benefits to downtown density, a direct result from a decrease in carbon emissions from downtown workers and residents. You can view the full DSA report online, check it out for more information. You might be surprised to find that the downtown area is 4 times as dense as the rest of Seattle!

DSA letter to Mayor requests action upon rising violence downtown

sdp rangersThe Downtown Seattle Association (DSA) has a sent a letter to Mayor McGinn requesting something be done about the rise in violence in Downtown Seattle. In the letter DSA asks that there be more park rangers available and present at all city parks as well as additional bike and foot patrol officers on the streets throughout the city. These recommendations stem from not only the rising violence but also the fact that with increasing economic stability and population growth comes more revenue which should allow the city to be able to provide services to keep the city clean and safe.