Breaking Down What’s Behind Record-Breaking King County Apartment Sales, Velocity
MARCH 03, 2020 (Seattle, WA)
Lee & Associates’ Northwest Multifamily team issued its Spring 2020 Multifamily Investment Review this week, which delivers an analysis of the record-breaking King County apartment sales and velocity of 2019. The discussion included key economic trends, an overview of rental demand trends, a briefing on apartment development supply, and key legislative and property management developments.
Lee & Associates’ Candice Chevaillier, CCIM, shared a few insights with Connect Media from the report.
- Sales volume experienced a hockey stick effect at the end of 2019, with sales volume up 72% from the first to the second half of the year.
- Vacancy rates are expected to rise from an average of 3.5% to closer to 4.5% through the end of the year. 2020 is the last year of major new unit delivery. Then, unit deliveries slow in 2021, paving the way for rent growth.