Seattle’s record multifamily supply cannot keep up with housing demand

With more than 1,100 residents moving to the Puget Sound weekly, the Seattle area is the ninth fastest-growing metro in the nation, according to JLL research.

So far in King County year-to-date, more than 11,000 apartments have been delivered and another 900 are scheduled to deliver by year-end. In 2018, more than 13,000 more units are expected to deliver.

Even with this apartment boom, Seattle’s housing is still in short supply. Due to the expanding footprints of large, notable employers in Seattle, there is ample reason to expect the population growth trend to continue. As high-tech talent continues to relocate to the Pacific Northwest, the need for housing will increase. The imported high-tech workers maintain higher salaries and typically move from tech hubs from across the country, where housing is even more expensive, in areas such as San Francisco.

King County median home prices rose $103,000 in the past 12 months, from $555,000 to $658,000. These risi