The 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!