Seattle is always changing. In recent years, the demand for Seattle rental property and Seattle’s housing market, in general, has flourished. With a busy technology industry and with Boomers who are looking at downsizing, the housing market in Seattle is thriving. In response, builders have been busy adding new units to Seattle’s downtown areas, including new development that’s occurring in Chinatown and Japantown.
Growing Demand For Rental Properties
Seattle has one of the hottest housing markets in the country. Housing prices have been rising by over double the national average. This means that many residents who would otherwise choose to buy have been priced out of the housing market, and choose to rent instead. There is also a large, somewhat transient population of technology workers who may not choose to buy at all. According to the tech publication Geek Wire, “developers are building record numbers of apartments in the Seattle area, but it still is not enough to keep up with the demand from the constant influx of new people as well as potential buyers stuck in the rental market due to high costs.”
Building in Chinatown
In response to the rental housing crisis in Seattle, developers are creating new rental properties in the area, and this means that there are new investment opportunities for those who are interested in entering or adding to their investments in the Seattle housing market. According to the Seattle Times, the “upzone would permit even taller buildings in most of the Chinatown International District, including Little Saigon, and would trigger a new program requiring developers to help create affordable housing.” What’s going on in the Chinatown area?
- A warehouse is being replaced by more than 300 apartments and a large amount of retail space.
- The Yesler Terrace public housing is changing into mixed-income housing.
- An eight-story building is going in, with over 200 apartments and amenities such as a hotel, theater, and child care center.
All of these offer investment opportunities for buyers who have the right support to manage multiple rental properties in the Seattle rental market.
New Trends in Japantown
Other areas also seeing change include historic communities close to Chinatown. This includes Japantown, where a parking lot at Fifth Avenue and Main will see more than 200 condos in the next few years. The project should break ground in 2018 and be completed by 2020. Compared to much of Seattle’s housing market, these condos are priced relatively affordably, with prices beginning in the low $300,000 range. Due to its proximity to light rail, streetcars, buses, and ferries, the area offers wonderful walkability. And like those who live in Chinatown developments, tenants who live in this relatively central location will enjoy its proximity to employment and other urban amenities.
Are you looking for assistance as you increase your investments in Seattle rentals? At Lori Gill and Associates, we’re dedicated to helping you manage your growing list of Seattle rentals. Whether you’re wondering about investing in a new part of town or you need assistance finding tenants or maintaining properties, connect with us today.