Marcus & Millichap just released their report on the apartment market for 2014 which forecasts trends for the year. Their report shows that the Seattle market will continue to boom in 2014 with 8,100 new units will flooding into the area.
Due to the limited supply of condos available for sale in the area (98 downtown units available, compared to 302 at the end of 2009), apartment developers in Seattle will look at options to convert some of those rental units into condos.
This growth in the number of available rentals should push the vacancy rate up to 4.7%. But due to the job growth in the area it will push the demand for these units up.
If you are interested in the full report, more information can be found here.