A couple weeks back when I attended the IREM Forecast Breakfast, Mike Scott (from Dupre + Scott) talked a bit about the rental market and where it is heading. The topic of conversation seemed to go a little like this
Seattles economy is stronger than ever, apartment vacancy rates are down and rents are still on the rise, but come 2009 we should expect to see the rental market flatten a bit due to a large amount of new construction apartments entering the marketplace.
The Seattle PI covered the topic today (and all the contributing factors) while announcing two new apartment high-rises that are well on the way.
– The Olivian will be a 27-story luxury apartment building with 224 units located at 8th & Oliveright across the street from Olive8.
– The Aspira, which was first slated as condominiums, broke ground yesterday and will soon be a 37-story apartment tower located on the corner of Stewart & Terry Ave.
P.S. I am back!