this post was submitted on 25 Oct 2023
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Seattle

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[–] BraveSirZaphod@kbin.social 13 points 1 year ago

The rise in vacancies across Seattle is directly linked to the rate of newly constructed apartments, according to Capital Economics, and it’s increased from 5.2% at the end of 2019 to 7% by midyear 2023. Already, Seattle’s asking rent growth rate is at -2% and could fall further.

I'd really encourage people to actually read the article too. This is a direct consequence of increased construction, and just another piece of evidence to add to the rapidly growing pile showing that adding new housing stock - of any and all kinds - does cause a reduce pressures on rent.

[–] TheTetrapod@lemmy.world 12 points 1 year ago

Maybe in 3 years I'll be able to afford an apartment in one of the fancy new 5-over-1's.

[–] Varyk@sh.itjust.works 10 points 1 year ago

It's a start

[–] Treczoks@lemmy.world 8 points 1 year ago

A drop of 30% means that a bit of air has been let out of the big bubble. Nothing more. Prices in Seattle are still ridiculous.

[–] subignition@kbin.social 6 points 1 year ago (1 children)

And yet I doubt the rents will drop...

[–] michaelmrose@lemmy.world 1 points 1 year ago (1 children)

Maybe rents should be capped at a percentage of fair market value. We are a city of 50% renters and a fraction of 1% landlords.

[–] subignition@kbin.social 1 points 1 year ago

That, and/or the amount of profit one can collect from anything relating to residential zoning should be capped harshly, like 10-20%

[–] TheGoldenV@sh.itjust.works 5 points 1 year ago

Oh yeahhhhhh

[–] 21Cabbage@lemmynsfw.com 5 points 1 year ago (1 children)