Seattle area's apartment pipeline is drying up
New apartment project approvals in the Seattle area have dropped over 50%, signaling potential rent hikes for tenants, according to real estate experts. From April 2024 to March 2025, developers received permits for 21.2 multifamily units per 10,000 residents, down from 42.6 units during the same period from 2020 to 2023. Higher construction costs and a slowdown in tech demand contribute to this decline.